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How Auctions Work for Wine and Art
Open accessAbstract
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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Citations
Cited by
Putting Auction Theory to Work
Milgrom, P. (2004) · Cambridge University Press eBooks · doi:10.1017/cbo9780511813825 · Cited by 1,642
Using Field Experiments to Test Equivalence Between Auction Formats: Magic on the Internet
Lucking-Reiley, D. (1999) · American Economic Review · doi:10.1257/aer.89.5.1063 · Cited by 446
How (not) to run auctions: The European 3G telecom auctions
Klemperer, P. (2002) · European Economic Review · doi:10.1016/s0014-2921(01)00218-5 · Cited by 361
Experience and Brokerage in Asset Markets: Evidence from Art Auctions
Bruno, B., Garcia‐Appendini, E., & Nocera, G. (2018) · Financial Management · doi:10.1111/fima.12207
Metadata
- Authors
- Ashenfelter, O.
- Venue
- Journal of Economic Perspectives
- Publisher
- American Economic Association
- Published
- 1989-08-01
- Volume
- 3
- Issue
- 3
- Pages
- 23-36
- ISSN
- 0895-3309 (ISSN-L)
- OpenAlex
- W2093058353
- Cited by
- 659
- References
- 0
- FWCI
- 6.53
- Type
- journal article
- Language
- en
- Open access
- bronze
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- Ashenfelter, O. (1989). How Auctions Work for Wine and Art. Journal of Economic Perspectives. https://doi.org/10.1257/jep.3.3.23
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Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
