academic interest in art, understanding of auction prices is limited. Price intransparency is exacerbated by contrasting … is no comprehensive theory of auction prices that combines both perspectives. To fill this gap, the author conducts three … ambiguities between theory and practice and elucidate the role of marketing for auction prices. The result is a conceptual …

paper examines the relationship between sale rates and price surprises over time in art auctions. Using data on contemporary … strong positive relationship of sale rates to unexpected aggregate price changes, which is reminiscent of a Phillips curve … that sale rates revert to "normal" very quickly following a price surprise. We estimate an empirical model to measure …

effects of the auction institution on price formation. There is now considerable theoretical research on strategic behavior in …This paper contains a review of the burgeoning research that has been designed to shed light on how the art auction … system actually works and what it indicates about price formation. First, we find that in recent years returns on art assets …

We study price determinants and investment performance of art based on a vast sample of transactions around the world … reached for paintings at high-end of the price distribution, for oil paintings, for more recent art movements, for … transactions by reputable auction houses. The risk-return tradeoff of paintings underperforms that of other passion investments …

effects of the auction institution on price formation. There is now considerable theoretical research on strategic behavior in …This paper contains a review of the burgeoning research that has been designed to shed light on how the art auction … system actually works and what it indicates about price formation. First, we find that in recent years returns on art assets …

the result of the auction to the participants. In order for the auction to be regarded as fair among the various … participants the price signals should be such that a participant that has won a subset of items knows why his bid was a winning bid … and that agents that have not acquired any item easily can detect why they lost. The problem in the combinatorial auction …