| 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 |
Experience and Brokerage in Asset Markets: Evidence from Art Auctions
![[img]](http://www.alexandria.unisg.ch/style/images/fileicons/oa_orange.png)
