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Does the sun 'shine' on art prices?

Research output: Contribution to Journal/Magazine › Journal article › peer-review

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Does the sun 'shine' on art prices? / De Silva, Dakshina G.; Pownall , Rachel; Wolk, Leonard.
In: Journal of Economic Behavior and Organization, Vol. 82, No. 1, 04.2012, p. 167–178.

Research output: Contribution to Journal/Magazine › Journal article › peer-review

Harvard

De Silva, DG, Pownall , R & Wolk, L 2012, 'Does the sun 'shine' on art prices?', Journal of Economic Behavior and Organization, vol. 82, no. 1, pp. 167–178. https://doi.org/10.1016/j.jebo.2012.01.007

APA

De Silva, D. G., Pownall , R., & Wolk, L. (2012). Does the sun 'shine' on art prices? Journal of Economic Behavior and Organization, 82(1), 167–178. https://doi.org/10.1016/j.jebo.2012.01.007

Vancouver

De Silva DG, Pownall R, Wolk L. Does the sun 'shine' on art prices? Journal of Economic Behavior and Organization. 2012 Apr;82(1):167–178. Epub 2012 Feb 6. doi: 10.1016/j.jebo.2012.01.007

Author

De Silva, Dakshina G. ; Pownall , Rachel ; Wolk, Leonard. / Does the sun 'shine' on art prices?. In: Journal of Economic Behavior and Organization. 2012 ; Vol. 82, No. 1. pp. 167–178.

Bibtex

@article{1eda3a1d602b4418ab66d9b37e818b8e,
title = "Does the sun 'shine' on art prices?",
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.",
keywords = "Auctions, Emotions, Cartel, Private value, Common value",
author = "{De Silva}, {Dakshina G.} and Rachel Pownall and Leonard Wolk",
year = "2012",
month = apr,
doi = "10.1016/j.jebo.2012.01.007",
language = "English",
volume = "82",
pages = "167–178",
journal = "Journal of Economic Behavior and Organization",
issn = "0167-2681",
publisher = "Elsevier",
number = "1",

}

RIS

TY - JOUR

T1 - Does the sun 'shine' on art prices?

AU - De Silva, Dakshina G.

AU - Pownall , Rachel

AU - Wolk, Leonard

PY - 2012/4

Y1 - 2012/4

N2 - 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.

AB - 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.

KW - Auctions

KW - Emotions

KW - Cartel

KW - Private value

KW - Common value

U2 - 10.1016/j.jebo.2012.01.007

DO - 10.1016/j.jebo.2012.01.007

M3 - Journal article

VL - 82

SP - 167

EP - 178

JO - Journal of Economic Behavior and Organization

JF - Journal of Economic Behavior and Organization

SN - 0167-2681

IS - 1

ER -