The purpose of this study is to test whether the size of the pre-sale price estimate range affects art auction prices … and, if so, in what direction. We find that auction house art experts' relative estimate range positively affects realized … the art experts' price estimate range as a proxy for the prevailing divergence of investor opinion in the art market, the …

unique hand-collected dataset, which comprises the worldwide Tribal art market auctions between 1999 and 2008. Our results … of the auction estimated prices on the probability of sales is nonlinear, and allows us to divide the Tribal art market …

What constitutes an international art center? To answer this question, I analyze the auction sales of fine art for 10 … primary art markets; the results suggest four major findings: First, an expansion in the art market contributes to a more than … proportional increase in art auction sales. Second, an increased GDP growth rate is positively associated with total auction sales …

We provide evidence that culture is a source of pricing bias. In a sample of 1.9 million auction transactions in 49 … potential gender differences in art characteristics and their liquidity. Evidence from two experiments supports the argument … that women's art may sell for less because it is made by women. However, the gender discount reduces over time as gender …

We study price determinants and investment performance of art based on a vast sample of transactions around the world … over the past 60 years. Art has appreciated at a real (nominal) annual return of 2.49% (6.24%). Higher art returns are … reached for paintings at high-end of the price distribution, for oil paintings, for more recent art movements, for …

unregulated, illiquid, and opaque, such as the art market. We therefore examine the role of authenticity, as captured by the …

NFTs. In general, we find that NFTs outperform traditional financial assets. Yet, investing in NFTs usually comes along …. Hence, conventional asset-pricing models are unlikely to explain NFT returns. Overall, we provide the first evidence that …

In the secondary art market, artists play no active role. This allows us to isolate cultural influences on the demand … their preferences for paintings associated with female artists. Women's art appears to sell for less because it is made by …