Auction guarantees for works of art
Kathryn Graddy () and
Jonathan Hamilton ()
Journal of Economic Behavior & Organization, 2017, vol. 133, issue C, 303-312
This paper addresses the question of whether auction guarantees change the bidding environment and whether they cause a change in price once the value of an item is taken into account. We analyze both the cases of third-party guarantees and in-house guarantees. We use two datasets: one of Christie’s and Sotheby’s Contemporary and Impressionist Evening Sales from January 2010 to February 2012 and another larger dataset consisting of all items auctioned at Christie's from 2001 to May 2011. While more expensive items are more likely to have guarantees, we find little empirical evidence to suggest an effect on price from the guarantee itself once the value of the item is taken into account.
Keywords: Auctions; Economics of art; Price guarantees; Toeholds in auctions (search for similar items in EconPapers)
References: View references in EconPapers View complete reference list from CitEc
Citations Track citations by RSS feed
Downloads: (external link)
Full text for ScienceDirect subscribers only
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:eee:jeborg:v:133:y:2017:i:c:p:303-312
Access Statistics for this article
Journal of Economic Behavior & Organization is currently edited by Neilson, William Stuart
More articles in Journal of Economic Behavior & Organization from Elsevier
Series data maintained by Dana Niculescu ().