Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/159193
Authors: 
Picci, Picci
Scorcu, Antonello
Year of Publication: 
1999
Series/Report no.: 
Quaderni - Working Paper DSE 352
Abstract: 
We analyze the price structure of sequential auctions of modern and contemporary art that took place in Italy during the period 1983-96. Contrary to previous empirical studies, we do not find any "afternoon" effect - i.e., a decline of auction prices relative to their estimates.If anything, we find the opposite, or "morning", effect. Our results are robust to different econometric specifications. Taking into consideration the possible dynamic nature of price determination, we propose an interpretation of the empirical results that encompasses previous contributions.
Persistent Identifier of the first edition: 
Creative Commons License: 
https://creativecommons.org/licenses/by-nc/3.0/
Document Type: 
Working Paper

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