Estimates, Bias and ‘No Sales’ in Latin-American Art Auctions, 1977-96: A Note

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

doi:10.1023/A:1007471016277

Estimates, Bias and ‘No Sales’ in Latin-American Art Auctions, 1977-96: A Note

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

Economics

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25 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	American English
Journal	Journal of Cultural Economics
Volume	22
DOIs	https://doi.org/10.1023/A:1007471016277
State	Published - Mar 1998

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title = "Estimates, Bias and {\textquoteleft}No Sales{\textquoteright} in Latin-American Art Auctions, 1977-96: A Note",

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. ",

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AU - Watson, John Keith

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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.

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VL - 22

JO - Journal of Cultural Economics

JF - Journal of Cultural Economics

ER -

Estimates, Bias and ‘No Sales’ in Latin-American Art Auctions, 1977-96: A Note

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