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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
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