Auctioneer Strategy and Pricing: Evidence from an Art Auction

Clare D'Souza () and David Prentice
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Clare D'Souza: Department of Economics and Finance, La Trobe University

Working Papers from School of Economics, La Trobe University

Abstract: This study examines the role of auctioneer's strategy used in determining pricing at art auctions. It characterizes the role of auctioneers, prices that the paintings were sold at and tests a series of hypotheses about their behaviour. This is done using pricing data from an auction of paintings. It examines the relationship between the auctioneer's estimates and realized prices. It determines whether the auctioneer and the market evaluate different attributes of different paintings differently and finally, an analysis is undertaken on the determinants of prices in the art market as suggested by hedonic regression.

Pages: 26 pages
Date: 2001
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