Auctions and Estimates: Evidence from Indian Art Market

Shailendra Gurjar; Usha Ananthakumar

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Paper

Auctions and Estimates: Evidence from Indian Art Market

Topics: Business Intelligence; Data Mining; Data Science; Predictive Modeling

In Proceedings of the 11th International Conference on Data Science, Technology and Applications DATA - Volume 1, 504-511, 2022 , Lisbon, Portugal

Authors: Shailendra Gurjar and Usha Ananthakumar

Affiliation: Shailesh J. Mehta School of Management, Indian Institute of Technology Bombay, India

Keyword(s): Presale Estimates, Art Auction, Indian Art Market, Incidental Truncation.

Abstract: We examine whether presale estimates of paintings by Indian artists are unbiased predictors of the hammer price. Our analysis includes both sold and unsold artworks. Unbiasedness of estimates is tested by performing a two-stage Heckit model on 5,077 artworks auctioned between 2000 and 2018. The results of our study show that presale estimates are upward biased for expensive artworks and downward biased for others. In addition, we also find that in the market for Indian paintings, characteristics of auction, artist, and artwork determine the biasedness of estimates.

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Paper citation in several formats:

Gurjar, S. and Ananthakumar, U. (2022). Auctions and Estimates: Evidence from Indian Art Market. In Proceedings of the 11th International Conference on Data Science, Technology and Applications - DATA; ISBN 978-989-758-583-8; ISSN 2184-285X, SciTePress, pages 504-511. DOI: 10.5220/0011317200003269

@conference{data22,
author={Shailendra Gurjar. and Usha Ananthakumar.},
title={Auctions and Estimates: Evidence from Indian Art Market},
booktitle={Proceedings of the 11th International Conference on Data Science, Technology and Applications - DATA},
year={2022},
pages={504-511},
publisher={SciTePress},
organization={INSTICC},
doi={10.5220/0011317200003269},
isbn={978-989-758-583-8},
issn={2184-285X},
}

TY - CONF

JO - Proceedings of the 11th International Conference on Data Science, Technology and Applications - DATA
TI - Auctions and Estimates: Evidence from Indian Art Market
SN - 978-989-758-583-8
IS - 2184-285X
AU - Gurjar, S.
AU - Ananthakumar, U.
PY - 2022
SP - 504
EP - 511
DO - 10.5220/0011317200003269
PB - SciTePress