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| Author: | Campos, N.F. Barbosa, R.L. |
| Title: | Paintings and numbers: An econometric investigation of sales rates, prices, and returns in Latin American art auctions |
| Journal: | Oxford Economic Papers
2009 : JAN, VOL. 61:1, p. 28-51 |
| Index terms: | art market auctions Latin America econometrics |
| Language: | eng |
| Abstract: | Using a unique data set of Latin American paintings auctioned by Sotheby's from 1995 to 2002, this paper examines several puzzles from the recent auctions literature. Based on the results, it is suggested that: (i) the reputation of an artist and the artwork provenance seem to be more important determinants of the sale price of a painting than more standard factors, e.g. medium and size, (ii) the art experts' opinion seems to be of limited use in predicting whether or not an artwork sells at auction, (iii) there is little supporting evidence for the widespread notion that the best or more expensive artworks tend to generate above average returns, although (iv) there is strong evidence for the declining price anomaly or afternoon effect. |
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