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Do Art Experts make Rational Estimates of Pre-Sale Prices ?

Luc Bauwens () and Victor Ginsburgh ()

No 1994038, CORE Discussion Papers from Université catholique de Louvain, Center for Operations Research and Econometrics (CORE)

Abstract: Public sales art catlLlogues inc:1ucle low and high pre-sale price estimates made by experts. This makes it possible to analyze whether salerooms behave rationally or not, when setting their estimates. Rationality is tested using a sample of some 1,600 lots of English silver sold at auctions by Christie's and Sotheby's. Results show that estimates are significantly biased and that experts do not use all the information that is available to them when they make their estimates .

Date: 1994-08-01
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