Sculpture Market Efficiency and the Impact of Auction House Art Experts
(English)Manuscript (preprint) (Other academic)
In this study I examine the absolute and time-varying weak-form market efficiency of the international sculpture auction market. The results indicate that the sculpture market efficiency varies over time lending support to the Adaptive Markets Hypothesis. Moreover, I find that the times of peaking relative market inefficiency coincide with distress in the wider economy and financial markets. Additionally, I find evidence that auction house art experts' pre-sale estimate accuracy Granger causes developments in time-varying market efficiency, highlighting the importance of art experts.
art market, sculpture market, art auctions, art experts, Efficient Markets Hypothesis, Adaptive Markets Hypothesis, time-varying market efficiency
Research subject Economics
IdentifiersURN: urn:nbn:se:umu:diva-106698OAI: oai:DiVA.org:umu-106698DiVA: diva2:844043