auction system works, what it indicates about price formation, and how well it performs. We begin with a short description of … the mechanics of the auction system and then organize the remainder of our discussion around two major topics. The first … topic concerns how researchers have used auction prices. We begin by discussing the returns to holding art and whether …

valuations is most commonly the English auction, where prices ascend in open bidding. The primary, but not the only, alternative …, is the Dutch auction, where the auctioneer starts at a high price and reduces it until a bidder is found. …

. A novel aspect of our analysis is that we compare the estimates based on auction, retail, and wholesale prices. Although … auction prices are based on actual transactions, they provide a thick market only for high quality, expensive wines and may …

This paper contains a review of the burgeoning research that has been designed to shed light on how the art auction … are fairly long periods in which art prices may diverge across geographic areas and even auction houses. Third, we review … collusion with Christie`s, the other great public auction house, was actually engineered. Contrary to the way the proceeds from …

on a number of key economic and antitrust policy issues related to the use of the auction system. The trial provided … apart. The outcome of the case also provides evidence on the novel auction process used to choose the lead counsel for the …

on a number of key economic and antitrust policy issues related to the use of the auction system. The trial provided … apart. The outcome of the case also provides evidence on the novel auction process used to choose the lead counsel for the …

on a number of key economic and antitrust policy issues related to the use of the auction system. The trial provided … apart. The outcome of the case also provides evidence on the novel auction process used to choose the lead counsel for the …

the reserve price is set on average at about 70% of the auctioneer’s low estimate as published in the auction catalog. …

estimate, as published in the auction catalog. …

on a number of key economic and antitrust policy issues related to the use of the auction system. The trial provided … apart. The outcome of the case also provides evidence on the novel auction process used to choose the lead counsel for the …