Graddy, Kathryn; Ashenfelter, Orley - Department of Economics, Oxford University - 2002
are fairly long periods in which art prices may diverge across geographic areas and even auction houses. Third, we review …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 …