Sale Rates and Price Movements in Art Auctions

Orley Ashenfelter and Kathryn Graddy ()

No 23, Working Papers from Brandeis University, Department of Economics and International Business School

Abstract: This paper examines the relationship between sale rates and price shocks in art auctions. Using data on contemporary and impressionist art, we show that while sale rates appear to have little relationship to current prices, there exists a strong negative relationship of sale rates to unexpected price shocks, which is reminiscent of a Phillips curve. We estimate an empirical model that suggests that the reserve price is set on average at about 70% of the low estimate.

Pages: 13 pages
Date: 2011-01
New Economics Papers: this item is included in nep-bec and nep-cul
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Citations: View citations in EconPapers (22)

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http://www.brandeis.edu/economics/RePEc/brd/doc/Brandeis_WP23.pdf First version, 2011 (application/pdf)

Related works:
Journal Article: Sale Rates and Price Movements in Art Auctions (2011)
Working Paper: Sale Rates and Price Movements in Art Auctions (2011)
Working Paper: Sale Rates and Price Movements in Art Auctions (2011)
Working Paper: Sale Rates and Price Movements in Art Auctions (2011)
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Persistent link: https://EconPapers.repec.org/RePEc:brd:wpaper:23

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