Vested Interest And Biased Price Estimates : Evidence from an Auction Market  

Oleh:

Jianping Mei ; Moses, Michael

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Journal of Finance (EBSCO) vol. 60 no. 5 (Oct. 2005), page 2409-2436.
Topik: market; studies; art markets; auctions; prices; estimation bias; return on investment; error analysis
Fulltext: p 2409.pdf (180.76KB)

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Perpustakaan Pusat (Semanggi) Nomor Panggil: JJ88 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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This study employs a new data set from art auctions to examine the relationship between auctioneer presale price estimates and the long - term performance of artworks. We find that the price estimates for expensive paintings have a consistent upward bias over a long period of 30 years. High estimates at the time of purchase are associated with adverse subsequent abnormal returns. These results are consistent with the view that auction house price estimates are affected by agency problems and that some investors are credulous.

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