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 …

We investigate the effect of overreaction in the fine art market. Using a unique sample of auction prices of modern … prints, we define an overvalued (undervalued) print as a print that was bought for a price above (below) its high (low …) auction pricing estimate. Based on the overreaction hypothesis, we predict that overvalued (undervalued) prints generate a …

We investigate the effect of overreaction in the fine art market. Using a unique sample of auction prices of modern … prints, we define an overvalued (undervalued) print as a print that was bought for a price above (below) its high (low …) auction pricing estimate. Based on the overreaction hypothesis, we predict that overvalued (undervalued) prints generate a …

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 …

We analyze the evolution of the price of paintings in London auctions with a unique dataset of over 200,000 sales in … the period 1780-1840. We build a price index for the representative painting through hedonic regressions controlling for …