theory of auctions shows that it is unlikely that successful buyers as a group were injured. …

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 …

collusion with Christie's, the other great public auction house, was actually engineered. Contrary to the way the proceeds from … the collusion, but that sellers were. In addition, based on the public record of settlement, it appears that the … auctions, much of it in response to empirical findings, and we review three key findings. First, the evidence suggests that art …