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Aggregate art price patterns mask a lot of underlying variation--both in the time series and in the cross- section. We … discuss relevant recent literature, and illustrate the potential of this approach through a historical study of art price … organization of the art market for long-term price trends …
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The art market, following the example of financial markets, is divided into a primary market, where works are traded directly from artists, and a secondary market that is mainly the auction market. Coronavirus disease 2019 (COVID-19) and galloping inflation have influenced the creation of a bull...
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auction system works, what it indicates about price formation, and how well it performs. We begin with a short description of … mechanism on prices. We begin with a discussion of the Christie's and Sotheby's price fixing case and the role of the … competitive behavior of auction houses in the determination of prices. We move on to discuss the role of experts and price …
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The aim of this paper is to model painting prices at auction. Our contribution is threefold: first, the set of regressors used as explanatory variables in the hedonic regression is wider than those previously employed in the literature. Second, we use the Heckman (1979) approach to eliminate the...
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