Valsan, Calin; Sproule, Robert - In: The AMFITEATRU ECONOMIC journal 10 (2008) 24, pp. 257-272
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...