Date of Award
2020
Document Type
Thesis - Open Access
Degree Name
Master of Arts (MA)
Department
Art Business
First Advisor
Brendan Burns
Second Advisor
Betsy Thomas
Abstract
This paper addresses the question of how deviations between expected and actual art auction results impact the auction guarantees made within an artist’s market and among multiple artists, and whether those impacts can be identified and quantified. To do so, I use a theoretical pricing model based on datasets of historical auction records going back to the earliest available date for a specific artist but no further than 2010. I find that, in comparing the model’s expected and actual results to empirical price deviations at auction, we can identify and quantify the impact of those deviations on guarantees.
Recommended Citation
Krasnick, Nathan, "Re-thinking Risk Management of Auction House Guarantees and Third-Party Irrevocable Bids" (2020). MA Theses. 77.
https://digitalcommons.sia.edu/stu_theses/77
Distinction
1
Included in
Business Analytics Commons, Other Business Commons, Other History of Art, Architecture, and Archaeology Commons