Estimates, bias and "no sales" in Latin-American art auctions, 1977-1996

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

doi:10.1023/a:1007471016277

Estimates, bias and "no sales" in Latin-American art auctions, 1977-1996

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

Economics

Research output: Contribution to journal › Article › peer-review

27 Scopus citations

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.

Original language	English
Pages (from-to)	33-42
Number of pages	10
Journal	Journal of Cultural Economics
Volume	22
Issue number	1
DOIs	https://doi.org/10.1023/a:1007471016277
State	Published - 1998

Scopus Subject Areas

Economics, Econometrics and Finance (miscellaneous)

Keywords

Art auction
Bias
Latin American Art

Access to Document

10.1023/a:1007471016277

Cite this

@article{9e545f6d69c34dcb9841066c9037b715,

title = "Estimates, bias and {"}no sales{"} in Latin-American art auctions, 1977-1996",

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. ",

keywords = "Art auction, Bias, Latin American Art",

author = "Ekelund, {Robert B.} and Ressler, {Rand W.} and Watson, {John Keith}",

note = "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.",

year = "1998",

doi = "10.1023/a:1007471016277",

language = "English",

volume = "22",

pages = "33--42",

journal = "Journal of Cultural Economics",

issn = "0885-2545",

publisher = "Springer New York",

number = "1",

}

TY - JOUR

T1 - Estimates, bias and "no sales" in Latin-American art auctions, 1977-1996

AU - Ekelund, Robert B.

AU - Ressler, Rand W.

AU - Watson, John Keith

N1 - 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.

PY - 1998

Y1 - 1998

N2 - 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.

AB - 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.

KW - Art auction

KW - Bias

KW - Latin American Art

UR - http://www.scopus.com/inward/record.url?scp=54649083321&partnerID=8YFLogxK

U2 - 10.1023/a:1007471016277

DO - 10.1023/a:1007471016277

M3 - Article

SN - 0885-2545

VL - 22

SP - 33

EP - 42

JO - Journal of Cultural Economics

JF - Journal of Cultural Economics

IS - 1

ER -

Estimates, bias and "no sales" in Latin-American art auctions, 1977-1996

Abstract

Scopus Subject Areas

Keywords

Access to Document

Other files and links

Fingerprint

Cite this