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Does the sun 'shine' on art prices?

De Silva, Dakshina G. and Pownall, Rachel and Wolk, Leonard (2012) Does the sun 'shine' on art prices? Journal of Economic Behavior and Organization, 82 (1). 167–178. ISSN 0167-2681

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Abstract

This paper examines how variation in mood inuences subjective risk and hence auction prices for art in London during the period 1990-2007. The private value of an object is closely related to taste and mood which is proxied for by the variation in weather. Using a unique data set that includes presale estimates for paintings sold through Sotheby's and Christie's auction houses as well as weather data for London from the British Atmospheric Data Centre we _nd that the lower part of the price distribution is populated with paintings with a relative high private value, whereas in the upper part, prices are driven primarily by the common value characteristics. Our findings have important implications for collectors and investors in the art market.

Item Type: Article
Journal or Publication Title: Journal of Economic Behavior and Organization
Uncontrolled Keywords: Auctions ; Emotions ; Cartel ; Private value ; Common value
Subjects: H Social Sciences > HB Economic Theory
Departments: Lancaster University Management School > Economics
ID Code: 52468
Deposited By: ep_importer_pure
Deposited On: 07 Feb 2012 16:53
Refereed?: Yes
Published?: Published
Last Modified: 09 Apr 2014 23:03
Identification Number:
URI: http://eprints.lancs.ac.uk/id/eprint/52468

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