Price Dynamics in sequential auctions. New evidence using art auction data

Picci, Picci ; Scorcu, Antonello (1999) Price Dynamics in sequential auctions. New evidence using art auction data. Bologna: Dipartimento di Scienze economiche DSE, p. 16. DOI 10.6092/unibo/amsacta/4957. In: Quaderni - Working Paper DSE (352). ISSN 2282-6483.
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Abstract

We analyze the price structure of sequential auctions of modern and contemporary art that took place in Italy during the period 1983-96. Contrary to previous empirical studies, we do not find any “afternoon” effect - i.e., a decline of auction prices relative to their estimates.If anything, we find the opposite, or “morning”, effect. Our results are robust to different econometric specifications. Taking into consideration the possible dynamic nature of price determination, we propose an interpretation of the empirical results that encompasses previous contributions.

Abstract
Document type
Monograph (Working Paper)
Creators
CreatorsAffiliationORCID
Picci, Picci
Scorcu, Antonello
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ISSN
2282-6483
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Deposit date
05 Apr 2016 09:36
Last modified
05 Apr 2016 09:37
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