Does the sun ‘shine’ on art prices?
Dakshina De Silva (),
Rachel Pownall () and
Journal of Economic Behavior & Organization, 2012, vol. 82, issue 1, 167-178
This paper examines how variation in mood influences subjective risk and hence auction prices for art in London during the period 1990–2007. The private value of an object is closely related to taste and mood which is proxied for by the variation in weather. Using a unique data set that includes presale estimates for paintings sold through Sotheby's and Christie's auction houses as well as weather data for London from the British Atmospheric Data Centre we find that the lower part of the price distribution is populated with paintings with a relative high private value, whereas in the upper part, prices are driven primarily by the common value characteristics. Our findings have important implications for collectors and investors in the art market.
Keywords: Auctions; Private value; Common value; Mood; Emotions; Cartel (search for similar items in EconPapers)
JEL-codes: D44 Z11 (search for similar items in EconPapers)
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (14) 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:82:y:2012:i:1:p:167-178
Access Statistics for this article
Journal of Economic Behavior & Organization is currently edited by Houser, D. and Puzzello, D.
More articles in Journal of Economic Behavior & Organization from Elsevier
Bibliographic data for series maintained by Haili He ().