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

Abstract:

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...

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Publisher copy:
10.1007/s10824-008-9077-8

Authors


Publisher:
Springer
Journal:
Journal of Cultural Economics
Volume:
32
Issue:
4
Pages:
301 - 320
Publication date:
2008-01-01
DOI:
ISSN:
0885-2545
Language:
English
UUID:
uuid:c78b868e-3594-47bf-9de8-cc8384da13d3
Local pid:
oai:economics.ouls.ox.ac.uk:14540
Deposit date:
2011-08-16

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