This study examines the role of the auctioneer's strategy used in determining pricing at art auctions. It characterizes the role of auctioneers, prices at which the paintings were sold and tests a series of hypotheses about their behavior. This is done using pricing data from an auction of paintings. It examines the relationship between the auctioneer's estimates and realized prices. It determines whether the auctioneer and the market evaluate different attributes of different paintings differently and, finally, an analysis is undertaken on the determinants of prices in the art market as suggested by hedonic regression.
Marketing Intelligence & Planning – Emerald Publishing
Published: Dec 1, 2002
Keywords: Auctions; Pricing; Strategy; Art
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