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| Author: | Beggs, A. Graddy, K. |
| Title: | Failure to meet the reserve price: the impact on returns to art |
| Journal: | Journal of Cultural Economics
2008 : VOL. 32:4, p. 301-320 |
| Index terms: | auctions art |
| Freeterms: | reserve prices |
| Language: | eng |
| Abstract: | The purpose of this article is to present an empirical study of the paintings that have failed to met their reserve price at auction. It is often claimed that when an advertised item goes unsold in an auction, it will sell for less in the future. A new dataset has been constructed to test the proposition. The findings suggest that paintings which come to auction and failed return significantly less when they are eventually sold than those paintings that have not been advertised at auction betwee sales. Lower returns may occur due to common value effects, idiosyncratic downward trends in tastes or changes in the seller's reserve price. |
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