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

Picci, Lucio ; Scorcu, Antonello E. (1999) Price dynamics in sequential auctions. New evidence using art auction data. DOI 10.6092/unibo/amsacta/711.
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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, Lucio
Scorcu, Antonello E.
Keywords
Sequential auctions price decline puzzle panel data
Subjects
DOI
Deposit date
17 Jun 2004
Last modified
17 Feb 2016 14:01
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