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| Tekijä: | Pesando, J. E. Shum, P. M |
| Otsikko: | The law of one price, noise and "irrational exuberance": The auction market for Picasso prints |
| Lehti: | Journal of Cultural Economics
2007 : VOL. 31:4, p. 263-277 |
| Asiasana: | art market auctions noise price theory |
| Kieli: | eng |
| Tiivistelmä: | The aim of this paper is to test the law of one price according to which the same price should occur when selling identical art objects contemporaneously regardless of the auctioneer or place in question. Using price data for Picasso prints at auctions across the countries and the 100 prints that comprise his Vollard Suite, the authors find that the prices realized in the United States were higher than in Europe. In addition, the prices in United States were found to be at the same level in all auction houses contrary to earlier data. The existence of substantial noise in auction outcomes was also found in the analysis. |
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