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Ordering, revenue and anchoring in art auctions
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Hong, Harrison, Kremer, Ilan, Kubik, Jeffrey D., Mei, Jianping and Moses, Michael (2015) Ordering, revenue and anchoring in art auctions. The RAND Journal of Economics, 46 (1). pp. 186-216. doi:10.1111/1756-2171.12081 ISSN 0741-6261.
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Official URL: http://dx.doi.org/10.1111/1756-2171.12081
Abstract
We estimate the effect of ordering by value on revenues in sequential art auctions held by Sotheby's and Christie's. We exploit a pre determined rotation of which of these two houses holds their auction first during auction week in New York City. When the house that goes first has relatively expensive paintings compared to the other house, we find that the sale premium for the week is around 21% higher relative to the mean sale premium, and the fraction of paintings sold during the week is around 11% higher. We provide evidence that this is due to an anchoring effect.
Item Type: | Journal Article | ||||
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Divisions: | Faculty of Social Sciences > Economics | ||||
Journal or Publication Title: | The RAND Journal of Economics | ||||
Publisher: | Wiley-Blackwell Publishing, Inc. | ||||
ISSN: | 0741-6261 | ||||
Official Date: | 28 January 2015 | ||||
Dates: |
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Volume: | 46 | ||||
Number: | 1 | ||||
Page Range: | pp. 186-216 | ||||
DOI: | 10.1111/1756-2171.12081 | ||||
Status: | Peer Reviewed | ||||
Publication Status: | Published | ||||
Access rights to Published version: | Restricted or Subscription Access |
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