RESERVATION PRICES AND PRE-AUCTION ESTIMATES: A STUDY IN ABSTRACT ART

Using a sample of European abstract art we show that reservation prices constrain pre-auction estimates in such a way that we are more likely to observe overestimation relative to the midpoint of the estimation window. At the same time, we also find that the low pre-auction estimate is a more powerful, accurate and precise predictor of hammer prices than the high estimate.

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Year of publication:	2008
Authors:	Valsan, Calin ; Sproule, Robert
Published in:	The AMFITEATRU ECONOMIC journal. - Academia de Studii Economice din Bucureşti, ISSN 1582-9146. - Vol. 10.2008, 24, p. 257-272
Publisher:	Academia de Studii Economice din Bucureşti
Subject:	Art Auctions \| Abstract Art \| Pre-auction Estimates \| Reservation Price \| Bias

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Extent:	application/pdf
Type of publication:	Article
Language:	English
Classification:	D44 - Auctions ; G12 - Asset Pricing ; Z11 - Economics of the Arts and Literature
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005220152