Item Type |
Monograph
(Working Paper)
|
Abstract |
Focusing on the art market, where auction houses act as brokers between art sellers and buyers, we investigate whether more experienced brokers achieve better performance as information providers. We use a unique data set of auctions of Italian paintings in various houses around the world, and we measure experience as the number of times an auctioneer has auctioned the artworks of a certain artist in a given location. We find that more experienced auction houses (i) are more likely to sell and (ii) provide more precise pre-sale estimates. These findings suggest that experience plays an important role for brokers to reduce illiquidity and opacity in markets with asymmetric information. |
Authors |
Bruno, Brunella; García-Appendini, Emilia & Nocera, Giacomo |
Language |
English |
Keywords |
Brokerage, information, experience, art auctions |
Subjects |
business studies |
HSG Classification |
contribution to scientific community |
Refereed |
No |
Date |
2016 |
Publisher |
SoF - HSG |
Place of Publication |
St. Gallen |
Series Name |
School of Finance Working Paper Series |
Number |
2016/05 |
Depositing User |
Prof. PhD Emilia García-Appendini
|
Date Deposited |
15 Feb 2016 14:11 |
Last Modified |
23 Aug 2016 11:23 |
URI: |
https://www.alexandria.unisg.ch/publications/247407 |