EconPapers    
Economics at your fingertips  
 

Auctions, market efficiency, and the trade in second-hand and antique silver

Paul Draper, Alan Duboisée de Ricquebourg and Iain Clacher

Economics Letters, 2018, vol. 162, issue C, 45-48

Abstract: Using a new, large, unique database relating to silver goods sold at two major UK auction houses we show that the scrap value of silver plays a significant role in determining the realised prices of items sold at silver auctions. However, although scrap silver can be sold for cash at guaranteed prices almost immediately, arbitrage opportunities are extremely limited. Just over 6% of silver goods sell below scrap value but once the buyer’s premium is allowed for the opportunity for profit is tiny.

Keywords: Art market; Market efficiency; Auction; Silver (search for similar items in EconPapers)
JEL-codes: G14 Z1 D44 (search for similar items in EconPapers)
Date: 2018
References: View references in EconPapers View complete reference list from CitEc
Citations Track citations by RSS feed

Downloads: (external link)
http://www.sciencedirect.com/science/article/pii/S0165176517304391
Full text for ScienceDirect subscribers only

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:eee:ecolet:v:162:y:2018:i:c:p:45-48

Access Statistics for this article

Economics Letters is currently edited by Economics Letters Editorial Office

More articles in Economics Letters from Elsevier
Series data maintained by Dana Niculescu ().

 
Page updated 2018-02-24
Handle: RePEc:eee:ecolet:v:162:y:2018:i:c:p:45-48