Ashenfelter, Orley; Graddy, Kathryn - Griswold Center for Economic Policy Studies, Department … - 2011
paper examines the relationship between sale rates and price surprises over time in art auctions. Using data on contemporary … and impressionist art, we show that while sale rates appear to have little relationship to current prices, there exists a … strong positive relationship of sale rates to unexpected aggregate price changes, which is reminiscent of a Phillips curve …