Evolution of a dealer trading network and its effects on art auction prices
利用1741-1913年伦敦艺术品拍卖数据，研究经销商交易网络的形成及其对价格的影响，发现更大更深的网络加剧信息不对称，使买家获得价格优势。
We use a unique historical data set (1741-1913) of all London-based art auctions to capture the role of information acquisition in the development of a trading network for dealers and its effect on artwork prices. We explore how the network size, depth of interactions, and similarities in art specialization between trading partners influence the decision to form new links. We find that, a larger and deeper trading network exacerbates informational asymmetries among buyers, leading to a price advantage. We show that information transmission through a network of experienced dealers is important in determining the price they pay - a factor that has been overlooked so far in the literature.