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Risk in Internet Art Auctions

Joanna Białynicka-Birula
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Joanna Białynicka-Birula: Uniwersytet Ekonomiczny w Krakowie

Collegium of Economic Analysis Annals, 2017, issue 45, 57-66

Abstract: The paper has taken up the issue of the risk at Internet art auctions. Particular attention has been paid to a wide range of risks associated with works of art and the market for these objects. The article proposes a classification of risk with respect to trade in works of art. In particular, the paper discusses the risks related to the market, including the risks associated with the works of art themselves (the risk of authenticity, provenence risk, quality risk and physical risks). In addition, a special attention has been drawn to the risks associated with the parties of transaction (sellers / buyers): the risk of legal nature, the choice of intermediary in the transaction, the risk of changes to the parties to the transaction. Moreover, the risk associated with the closer and further environment of the auction market of works of art has been an important aspect of the discussion. The final section of the paper discusses the risks associated with online transactions at auctions.

Keywords: works of art; art; art trade; art market; art auction; Internet auction; art risk (search for similar items in EconPapers)
Date: 2017
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Handle: RePEc:sgh:annals:i:45:y:2017:p:57-66