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On the relationship between reserve prices and low estimates in art auctions

Massimiliano Castellani (), Pierpaolo Pattitoni () and Antonello Scorcu ()
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Massimiliano Castellani: University of Bologna

Journal of Cultural Economics, 2018, vol. 42, issue 1, 45-56

Abstract: Abstract Using a unique hand-collected dataset comprising all auctions held by a major Italian auction house in Italy from 1994 to 1997 and including confidential information on reserve prices, we find empirical evidence in support of several studies in cultural economics literature that reserve prices are set in a range of approximately 75 % of low presale estimates.

Keywords: Reserve price; Low estimate; Auction house (search for similar items in EconPapers)
JEL-codes: Z11 D44 (search for similar items in EconPapers)
Date: 2018
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Handle: RePEc:kap:jculte:v:42:y:2018:i:1:d:10.1007_s10824-016-9279-4