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Public sales art catalogues include low and high pre-sale price estimates by experts. This makes it possible to analyze …) biased and that experts do not use all the information that is available to them when they make their estimates …
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We provide evidence that culture is a source of pricing bias. In a sample of 1.9 million auction transactions in 49 …
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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 …
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