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Estimates, Bias and “No Sales” in Latin-American Art Auctions, 1977–1996 (1998)

Ekelund, Robert B. ; Ressler, Rand W. ; Watson, John Keith

Springer

Journal of cultural economics 22 (1998), S. 33-42

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ISSN: 1573-6997

Keywords: art auction ; Latin American art ; bias

Source: Springer Online Journal Archives 1860-2000

Topics: Art History , Economics

Notes: Abstract Estimate bias and “no-sales” are investigated in the context of Latin American Art auctions conducted in New York between 1977 and 1996. We find that, using a new method for calculating bias, both Sotheby's and Christie's overestimated art (oil-on-canvas pieces) by 2.7 percent. The inclusion of “no-sales” raises that proportion to a full one-third of the art traded. Utilizing a binomial probit analysis, moreover, we find that the estimate “window” is negatively and significantly related to the likelihood of a “no sale” at auction.

Type of Medium: Electronic Resource

URL: http://dx.doi.org/10.1023/A:1007471016277

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