Ashenfelter, Orley; Graddy, Kathryn - In: Handbook of the economics of art and culture : volume 1, (pp. 909-945). 2006
auction system works, what it indicates about price formation, and how well it performs. We begin with a short description of … competitive behavior of auction houses in the determination of prices. We move on to discuss the role of experts and price … the mechanics of the auction system and then organize the remainder of our discussion around two major topics. The first …
