Economics of art auctions

Gianfranco Mossetto, Marilena Vecco, Introduction
Short Vocabulary on Auction
A Bibliography on the Economic Literature on Auctions
Part I. Profitability of Art Investment
Agnello Richard J., Returns and Risk for Art: Findings from Auctions of American Paintings Differentiated by Artist, Genre and Quality
(Introduction; Market for Paintings and Methodology; Data and Findings; Conclusions)
Ashenfelter, John Abowd, Using Price Indeces and Sale Rates to assess Short Run Changes in the Market for Impressionist and Contemporary Paintings
(Introduction; Data; Methods; Conclusions)
Moses Michael, Jianping Mei, Can a Rembrandt get you through a Recession?
(Introduction; Painting Data and computational Methodology; Risk and Return Characteristics of the Art Price Index; Art and Stocks during Wars and Recessions; Oil Prices, the S&P500 and the Price of Art; Conclusions)
Part II. Strategic Operations of Art Auctions
Barros Carlos Pestana, Auctions of Classical and Contemporary Paintings in a Periphery Market
(Introduction; Survey of the Literature; Institutional Setting: How Auctions Work for Art in a Periphery Economy; Model of Equilibrium Bidding in Oral Auctions; Results; Conclusions)
Scorcu Antonello E., Picci Lucio, Biddders' and Sellers' Strategies in Sequential Auctions. New Evidence About the Afternoon Effect
(Introduction; Art Auctions; Afternoon Effect and Price Dynamics in Sequential Auctions; Auction Price Structure and Auction Houses Behavior; The Data Set and the Empirical Evidence; Conclusions)
Velthuis Olav, Promoters and Parasiters. An Alternative Explanation of Price Dispersion on the Art Market
(Introduction; Methods; Economic Explanations; Public versus Private Prices; Moral Indignation; Elusive Values; Favored Collectors; Erecting Boundaries; Conclusions)
Part III. Internet and Art Auctions
Brooks Arthur C., Contingent Valuation and the Winner's Curse in Internet Art Auctions
(Introduction; The Winner's Curse in Art Auctions; A Closed-ended Auction Mechanism; Conclusions; Appendix)
Fernandez-Blanco Victor and Prieto-Rodriguez Juan, Internet and sealed-bid Auctions as a new Opportunity for the Art Market
(Introduction; Online Actioneers and the new Leadership; Responses of traditional Auction Houses; Fees and Expertise; General Effects on Sales and selling Prices; Fine Art Works and Antiques as common Value Assets and the Winner's Curse; Conclusions)
Parte IV. Case Studies
Trimarchi Michele, Da Milano Cristina, Points of View: Perception and Evaluation in Archaeological Auctions
(Introduction and Scope of the Paper; The Concept of Value; The Ideology of Value; Four Auctions at Christie's; Concluding Remarks)
Krowitz Edward, Why Artefacts need to grow to Tails
(Introduction; The anomaly of the Art Auction Market; The Supply and Production of Artifacts; Job Design; What should be done?; Why Property Rights Matter for the Cultural Heritage; Summary)
Heskia Thomas, Global Players in Local Markets International Auction Houses in the Austrian market for Art Auctions
(Introduction; The Size of the Austrian Art Auction Market; The Position of Austria in the International Art Auction Market; Strategies of the International Auction Houses; The Consignor's Choice: the Impact of the Transaction Costs; Export Regulations; Restitution of Works of Art and the Impact of the International Auction Market; Conclusions).

Contributors: John Abowd, Richard J. Agnello, Orley Ashenfelter, Carlos Pestana Barros, Arthur C. Brooks, Cristina Da Milano, Victor Fernandez-Blanco, Thomas Heskia, Edward Krowitz, Jianping Mei, Michael Moses, Lucio Picci, Juan Prieto-Rodriguez, Antonello E. Scorcu, Michele Trimarchi, Olav Velthuis

Serie: Economia - Ricerche

Subjects: Economics of Tourism, Commerce and Services

Level: Scholarly Research