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