Date of Award

2021

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.

Distinction

1

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