The art market is subject to frequent booms and busts in both prices and volume,<br/>which are difficult to reconcile with models where agents are rational and<br/>hold homogenous beliefs. This paper shows that (i) volume is mainly driven by<br/>speculative transactions; (ii) positive price-volume correlation...

In empirical studies of sequential auctions of identical objects prices have been found to decline.We study auctions of ancient Chinese porcelain recovered from shipwrecks.In these auctions there are very long sequences of lots of identical objects.We find that the average price decline is...

This paper investigates the impact of equity markets and top incomes on art prices. Using a newly constructed art market index, we demonstrate that equity market returns have had a significant impact on the price level in the art market over the last two centuries. We also find empirical...

In this paper we review, and draw some lessons from, the UMTS-auctions that have taken place in Europe during 2000 and 2001.We address several design issues and, in particular, focus attention on asymmetries between the bidders and on possibilities for collusion.An outlook is provided to several...