A survey of progress in cultural economics since its virtual birth in 1966 with the publication
of Baumol and Bowen, Performing Arts: The Economic Dilemma, distinguishing between …

While there are no significant investment characteristics that inhibit art from being
considered as an asset, a major hurdle has long been the lack of a systematic measure of its …

This paper contains a review of the burgeoning new research of the last decade that has
been designed to shed light on how the art auction system works, what it indicates about …

This paper contains a new review of the research of the last decade that has been designed
to shed light on how the art auction system works, what it indicates about price formation …

The anomaly is concerned with the observation that in multiple item auctions of identical
objects, prices tend to decline over time. I show that in the case of wine auctions, which have …

Every day on eBay, millions of people buy and sell a vast array of goods, from rare
collectibles and antiques to used cars and celebrity memorabilia. The internet auction site is …

This article presents an empirical study of paintings that have failed to meet their reserve
price at auction. In the art trade, it is often claimed that when an advertised item goes unsold …

In empirical studies of sequential auctions of identical objects prices have been found to
decline. We study three ascending price auctions of ancient Chinese porcelain recovered …

A large body of empirical research has shown that prices of identical goods sold
sequentially sometimes increase and often decline across rounds. This article introduces a …

We examine whether expert appraisals provided to bidders before major art auctions are
unbiased indicators of value. Despite a strong grounding in theory, this aspect of optimal …