academic interest in art, understanding of auction prices is limited. Price intransparency is exacerbated by contrasting … framework for the auction price mechanism that accounts for quantifiable and unquantifiable or difficult-to-quantify factors and … is no comprehensive theory of auction prices that combines both perspectives. To fill this gap, the author conducts three …

paper examines the relationship between sale rates and price surprises over time in art auctions. Using data on contemporary … strong positive relationship of sale rates to unexpected aggregate price changes, which is reminiscent of a Phillips curve … that sale rates revert to "normal" very quickly following a price surprise. We estimate an empirical model to measure …