EconPapers    
Economics at your fingertips  
 

Price Dynamics in sequential auctions. New evidence using art auction data

Lucio Picci and Antonello Scorcu ()

Working Papers from Dipartimento Scienze Economiche, Universita' di Bologna

Abstract: We analyze the price structure of sequential auctions of modern and contemporary art that took place in Italy during the period 1983-96. Contrary to previous empirical studies, we do not find any “afternoon” effect - i.e., a decline of auction prices relative to their estimates. If anything, we find the opposite, or “morning”, effect. Our results are robust to different econometric specifications. Taking into consideration the possible dynamic nature of price determination, we propose an interpretation of the empirical results that encompasses previous contributions.

Date: 1999-06
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1) Track citations by RSS feed

Downloads: (external link)
http://amsacta.unibo.it/4957/1/352.pdf (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:bol:bodewp:352

Access Statistics for this paper

More papers in Working Papers from Dipartimento Scienze Economiche, Universita' di Bologna Contact information at EDIRC.
Bibliographic data for series maintained by Dipartimento Scienze Economiche, Universita' di Bologna ().

 
Page updated 2021-05-13
Handle: RePEc:bol:bodewp:352