Abstract
In his paper “How Auctions Work for Wine and Art” (1989), Orley Ashenfelter shows how auctioneers provide genuine expertise in predicting prices of art at auction. Using material from British and American auctions of impressionist paintings, he is able to show a high correlation of price estimates and prices actually obtained.
I would like to thank Erik Nicolaisen, Christian Hjorth-Andersen, Tine Gaihede and Philip Bøttern for helpful comments and corrections to this paper.
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References
Ashenfelter. O. (1989) “How Auctions Work for Wine and Art” Journal of Economic Perspective, Vol. 3, No. 3, pp. 22–36.
Salamon, M. (1988) Kunstauktioner, Master Thesis in Economics, University of Copenhagen.
Salamon, M. (1989) “Kunstauktioner” Ceteris Paribus No. 4, pp. 32–37.
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© 1992 Springer-Verlag Berlin Heidelberg
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Salamon, M. (1992). Auction of Works of Art. In: Towse, R., Khakee, A. (eds) Cultural Economics. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-642-77328-0_10
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DOI: https://doi.org/10.1007/978-3-642-77328-0_10
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