| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w16743 |
| 来源ID | Working Paper 16743 |
| Sale Rates and Price Movements in Art Auctions | |
| Orley C. Ashenfelter; Kathryn Graddy | |
| 发表日期 | 2011-01-27 |
| 出版年 | 2011 |
| 语种 | 英语 |
| 摘要 | The failure of many paintings to sell in art auctions indicates the presence of reserve prices set by sellers. This paper examines the relationship between sale rates and price surprises over time 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 positive relationship of sale rates to unexpected aggregate price changes, which is reminiscent of a Phillips curve. As a result, sale rates provide a useful quantity indicator of the strength of the art market. The data also indicate that sale rates revert to "normal" very quickly following a price surprise. We estimate an empirical model to measure normal sale rates. We also find evidence that the reserve price is set on average at about 70% of the auctioneer's low estimate, as published in the auction catalog. |
| 主题 | Microeconomics ; Market Structure and Distribution ; Industrial Organization ; Market Structure and Firm Performance ; Industry Studies |
| URL | https://www.nber.org/papers/w16743 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/574417 |
| 推荐引用方式 GB/T 7714 | Orley C. Ashenfelter,Kathryn Graddy. Sale Rates and Price Movements in Art Auctions. 2011. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w16743.pdf（253KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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