Using a unique hand-collected dataset comprising all auctions held by a major Italian auction house in Italy from 1994 to 1997 and including confidential information on reserve prices, we find empirical evidence in support of several studies in cultural economics literature that reserve prices are set in a range of approximately 75 % of low presale estimates.
On the relationship between reserve prices and low estimates in art auctions / Massimiliano, Castellani; Pierpaolo, Pattitoni; Antonello Eugenio, Scorcu. - In: JOURNAL OF CULTURAL ECONOMICS. - ISSN 0885-2545. - ELETTRONICO. - 42:1(2018), pp. 45-56. [10.1007/s10824-016-9279-4]
On the relationship between reserve prices and low estimates in art auctions
CASTELLANI, MASSIMILIANO;PATTITONI, PIERPAOLO;SCORCU, ANTONELLO EUGENIO
2018
Abstract
Using a unique hand-collected dataset comprising all auctions held by a major Italian auction house in Italy from 1994 to 1997 and including confidential information on reserve prices, we find empirical evidence in support of several studies in cultural economics literature that reserve prices are set in a range of approximately 75 % of low presale estimates.File in questo prodotto:
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