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Art experts and auctions are pre-sale estimates unbiased and fully informative?

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  • BAUWENS, Luc
  • GINSBURGH, Victor

Abstract

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.
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Suggested Citation

  • BAUWENS, Luc & GINSBURGH, Victor, 2000. "Art experts and auctions are pre-sale estimates unbiased and fully informative?," LIDAM Reprints CORE 1485, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
    • Handle: RePEc:cor:louvrp:1485
    Note: In :Recherches Economiques de Louvain, 66(2) special issue, 131-144, 2000
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    References listed on IDEAS

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    More about this item

    JEL classification:

    • D44 - Microeconomics - - Market Structure, Pricing, and Design - - - Auctions
    • Z1 - Other Special Topics - - Cultural Economics

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