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American Economic Review: Vol. 101 No. 3 (May 2011)
AER Volume. 101, Issue 3 | 
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Sale Rates and Price Movements in Art Auctions
Article Citation
Ashenfelter, Orley, and
Kathryn Graddy. 2011. "Sale Rates and Price Movements in Art Auctions."
American Economic Review,
101(3): 212-16.
DOI: 10.1257/aer.101.3.212
DOI: 10.1257/aer.101.3.212
Abstract
This paper examines the relationship between sale rates and price shocks in art auctions. Using data on contemporary and impressionist art, we show that while sale rates appear to have little relationship to current prices, there exists a strong negative relationship of sale rates to unexpected price shocks, which is reminiscent of a Phillips curve. We estimate an empirical model that suggests that the reserve price is set on average at about 70% of the low estimate.
Article Full-Text Access
Full-text Article
Authors
Ashenfelter, Orley (Princeton U)
Graddy, Kathryn (Brandeis U)
Graddy, Kathryn (Brandeis U)
JEL Classifications
D44: Auctions
Z11: Cultural Economics: Economics of the Arts and Literature
Z11: Cultural Economics: Economics of the Arts and Literature
