Price tendencies in sequential auctions are of importance for all sectors: sellers, buyers and auctioneers. If prices shows systematic declines or increases opportunities are lost, revealing some kind of inefficiency. It is then important to carefully study the price movements in auctions,...

We consider data on jewellery sold in English public auctions between June 1993 and May 1994 at Credit Municipal de Paris. We present the underlying model of this market derived from a "hedonic price equation".