Sale Rates and Price Movements in Art Auctions
研究了艺术拍卖中成交率与价格冲击的关系，发现成交率与意外价格冲击呈强负相关，类似菲利普斯曲线，并估计底价平均约为低估价70%。
This paper examines the relationship between sale rates and price shocks 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 negative relationship of sale rates to unexpected price shocks, which is reminiscent of a Phillips curve. We estimate an empirical model that suggests that the reserve price is set on average at about 70% of the low estimate.