TY - JOUR
T1 - How auctions work for wine and art
AU - Ashenfelter, Orley
N1 - Publisher Copyright:
© 2018, World Scientific Publishing Co. Pte Ltd. All rights reserved.
PY - 2018
Y1 - 2018
N2 - 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.
AB - 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.
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U2 - 10.1142/9789813232754_0010
DO - 10.1142/9789813232754_0010
M3 - Article
AN - SCOPUS:85059068684
SN - 2010-1732
VL - 6
SP - 257
EP - 272
JO - World Scientific Handbook in Financial Economics Series
JF - World Scientific Handbook in Financial Economics Series
ER -