is no comprehensive theory of auction prices that combines both perspectives. To fill this gap, the author conducts three … ambiguities between theory and practice and elucidate the role of marketing for auction prices. The result is a conceptual … academic interest in art, understanding of auction prices is limited. Price intransparency is exacerbated by contrasting …

transactions by reputable auction houses. The risk-return tradeoff of paintings underperforms that of other passion investments …