This setting lets you change the way you view articles. You can choose to have articles open in a dialog window, a new tab, or directly in the same window.
Open in Dialog
Open in New Tab
Open in same window

Journal of Economic Perspectives: Vol. 3 No. 3 (Summer 1989)

Expand

Quick Tools:

Print Article Summary
Export Citation
Sign up for Email Alerts Follow us on Twitter

Explore:

JEP - All Issues


How Auctions Work for Wine and Art

Article Citation

Ashenfelter, Orley. 1989. "How Auctions Work for Wine and Art." Journal of Economic Perspectives, 3(3): 23-36.

DOI: 10.1257/jep.3.3.23

Abstract

At the first wine auction I ever attended, I saw the repeal of the law of one price. This empirical surprise led me to begin collecting data on wine auctions, to interview auctioneers, and even to buy a little wine. In the meantime I have also had the opportunity (with John Abowd) to observe and collect data on the auction sale of impressionist and contemporary paintings. This paper reports on some of the empirical regularities that I and others have observed in the actual operation of the auction markets for these items. In view of the rich and diverse array of theoretical literature on auctions, it seems high time economists began to spell out precisely what facts it is meant to explain.

Article Full-Text Access

Full-text Article (Complimentary)

Authors

Ashenfelter, Orley (Princeton U)

JEL Classifications

022: Microeconomics--Theory of Auction Markets
026: Theory of Uncertainty and Information

Comments

View Comments on This Article (0) | Login to post a comment


Journal of Economic Perspectives


Quick Tools:

Sign up for Email Alerts

Follow us on Twitter

Subscription Information
(Institutional Administrator Access)

Explore:

JEP - All Issues

Virtual Field Journals


AEA Member Login:


AEAweb | AEA Journals | Contact Us