English, Article, Journal or magazine article edition: Art experts and auctions Are pre-sale estimates unbiased and fully informative? Luc BAUWENS; Victor GINSBURGH

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Bookmark: http://trove.nla.gov.au/version/4635
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Art experts and auctions Are pre-sale estimates unbiased and fully informative?
Author
  • Luc BAUWENS
  • Victor GINSBURGH
Physical Description
  • preprint
Notes
  • Public sales art catalogues include low and high pre-sale price estimates by experts. This makes it possible to analyze whether pre-sale estimates are unbiased predictors of realized prices. Unbiasedness is tested using a sample of some 1,600 lots of English silver auctioned by Christie's and Sotheby's. Results show that estimates are slightly (but significantly) baised and that experts do not use ail the information that is available to them when they make their estimates.
  • Biasedness of pre-sale estimates, not fully informative pre-sale estimates
  • RePEc:ctl:louvre:2000022
Language
  • English
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