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Failure to Meet the Reserve Price: The Impact on Returns to Art.

Abstract:

This paper presents an empirical study of paintings that have failed to meet their reserve price at auction. In the art trade it is often claimed that when an advertised item goes unsold at auction, its future value will be affected. We have constructed a new dataset specifically for the purpose of testing this proposition. To preview our results, we find that paintings that come to auction and failed return significantly less when they are eventually sold than those paintings that have not b...

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Volume:
272
Series:
Discussion paper series
Publication date:
2006-01-01
URN:
uuid:07a1d314-e0b2-44af-a10d-7fd24a5842d0
Local pid:
ora:1311
Language:
English

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