How auctions work for wine and art

Research output: Chapter in Book/Report/Conference proceedingChapter


At the first wine auction I ever attended, I saw the repeal of the law of one price. This empirical surprise led me to begin collecting data on wine auctions, to interview auctioneers, and even to buy a little wine. In the meantime, I have also had the opportunity (with John Abowd) to observe and collect data on the auction sale of impressionist and contemporary paintings. This paper reports on some of the empirical regularities that I and others have observed in the actual operation of the auction markets for these items. In view of the rich and diverse array of theoretical literature on auctions, it seems high time economists began to spell out precisely what facts it is meant to explain.

Original languageEnglish (US)
Title of host publicationReputation, Regulation, and Market Organization
PublisherWorld Scientific Publishing Co. Pte Ltd
Number of pages16
ISBN (Electronic)9789813232723
ISBN (Print)9789814740579
StatePublished - Mar 21 2018

All Science Journal Classification (ASJC) codes

  • Economics, Econometrics and Finance(all)
  • General Business, Management and Accounting


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