Failure to Meet the Reserve Price: The Impact on Returns to Art.
This article 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, it will sell for less in the future. We have constructed a new dataset specifically for the purpose of testing this proposition. To preview our results, we find that paintings which come to auction and failed return significantly less when they are eventually sold than those paintings that have...Expand abstract
- Publisher copy:
- Local pid:
- Deposit date:
- Copyright date:
If you are the owner of this record, you can report an update to it here: Report update to this record