Game Strategies in Luxury Auctions: Balancing Economic Efficiency

and Cultural Significance

Zixin Lu

Business Administration, Guangzhou College of Technology and Business, Foshan, Guangdong, 528100, China

Keywords: Luxury Auctions, Cultural Heritage, Game Theory, Economic Efficiency, Heritage Preservation.

Abstract: Luxury auctions represent a critical nexus between economic valuation and cultural preservation，a dynamic

of increasing importance as global demand for rare artifacts grows, prompting scrutiny of their broader

impacts. The 2021 Sotheby’s auction of the Marie Antoinette Diamond Bracelets, fetching $8.1 million,

exemplifies this tension. Competitive bidding in an open format drove prices far beyond the $2-4 million

estimate, showcasing economic efficiency through heightened rivalry and bolstering auction house prestige.

Yet, the bracelets’ privatization by a collector and export from France severed public access, igniting debates

over heritage erosion and ethical stewardship. These market dynamics reveal a fundamental paradox:

Emotional overbidding further signalled risks of market instability. Proposed measures include export

restrictions to retain national treasures, hybrid auction formats to temper price surges, and partnerships with

cultural institutions to ensure accessibility. These strategies seek to harmonize profit motives with societal

values. As heritage items flood markets by 2025, this analysis underscores the urgency of reforming auctions

to safeguard cultural significance alongside financial success, offering insights into sustainable practices that

preserve shared history.

1 INTRODUCTION

Luxury auctions blend economic transactions with

cultural heritage, gaining prominence across global

markets. Research demonstrates that auction markets

for high-value goods, such as artworks and antiques,

have been steadily expanding due to growing demand

for rare and distinctive items (Ashenfelter & Graddy,

2003). Studies on competitive bidding emphasize that

open auctions, a frequent choice in luxury sales,

intensify competition among bidders, driving prices

upward through heightened rivalry (Milgrom &

Weber, 1982). Auction theory further posits that

increases in societal wealth and broader participation

fuel the growth of these markets (Klemperer, 1999).

Currently, luxury auctions feature a wide array of

objects—paintings, rare jewelry, historical artifacts—

each possessing significant monetary value alongside

deep cultural importance. Auctions extend beyond

simple exchanges; they are dynamic environments

where bidders employ game theory strategies, such as

aggressive bidding or precisely timed offers, to secure

victories. Auction houses, in turn, adopt rules to

https://orcid.org/ 0009-0006-0729-9326

optimize profits, leveraging bidder behaviour to their

advantage.

This phenomenon embodies dual significance by

substantial weight because it operates on two levels:

it delivers considerable financial gains to sellers and

auction firms while simultaneously shaping the fate

of cultural artifacts—whether they remain accessible

to the public or are safeguarded for future generations.

The growing concern that cultural heritage is being

reduced to mere commodities adds urgency to this

issue. For instance, an artifact auctioned off to a

private collector might vanish from public view,

limiting its educational or inspirational potential. This

study investigates how game strategies in luxury

auctions influence economic efficiency, defined here

as profit maximization and reputation enhancement,

as well as cultural value, encompassing heritage

preservation and public accessibility. As of March

2025, this question holds critical relevance: can these

strategies achieve a sustainable balance between

financial success and cultural stewardship? The

implications are far-reaching, affecting not only

market dynamics but also societal values tied to

186

Lu, Z.

Game Strategies in Luxury Auctions: Balancing Economic Efﬁciency and Cultural Signiﬁcance.

DOI: 10.5220/0013821800004708

Paper published under CC license (CC BY-NC-ND 4.0)

In Proceedings of the 2nd Inter national Conference on Innovations in Applied Mathematics, Physics, and Astronomy (IAMPA 2025), pages 186-192

ISBN: 978-989-758-774-0

shared history and identity. Exploring this balance is

essential to understanding the broader impact of

luxury auctions in a world increasingly driven by both

commerce and culture. These competing priorities

between economic gains and cultural preservation

necessitate a systematic examination of auction

strategies through dual lenses: game-theoretic

efficiency and heritage stewardship.

Extensive literature illuminates the mechanics of

auctions. Foundational studies reveal that open

auctions, widely used in luxury contexts, escalate

bidder competition by making bids visible, thereby

elevating prices through strategic actions (Milgrom &

Weber, 1982). More recent investigations highlight

how emotional factors, such as loss aversion or

personal attachment, often compel bidders to offer

premiums beyond rational valuations, particularly for

items with cultural resonance (Graddy et al., 2023).

Parallel research into luxury markets underscores that

prestige-seeking behaviour among affluent buyers

enhances auction outcomes, boosting both revenue

and the auction house’s standing (Keaveney,

Herrmann & Befurt, 2012). These insights

collectively demonstrate the intricate interplay of

strategies, psychological drivers, and economic

results within auction settings.

However, while economic efficiency is

thoroughly examined, the cultural ramifications of

these strategies receive far less attention. Studies on

antiquities markets caution that a profit-centric

approach frequently prioritizes financial gain over

cultural ownership, leading to privatization and

ethical dilemmas (Keaveney, Herrmann & Befurt,

2012). For example, an artifact sold to a private buyer

might be locked away and inaccessible to scholars or

the public, raising questions about its societal role.

Despite these warnings, few analyses integrate this

cultural perspective with game-theoretic frameworks,

leaving a notable gap in understanding how auction

strategies affect more than just the bottom line. This

study seeks to bridge this divide by exploring both the

economic advantages and cultural consequences of

strategic bidding in luxury auctions, aiming to

provide a more holistic view of their impact.

While extant research has firmly established how

game strategies enhance economic returns in luxury

auctions (e.g., Milgrom & Weber, 1982; Graddy et al.,

2023), significantly less attention has been paid to

their cultural externalities—particularly how bidder

tactics and auction house rules influence the long-

term accessibility and conservation of heritage

artifacts (Mackenzie & Davis, 2014). This

commodification risks eroding the broader value

these objects hold for society, such as their

educational or historical contributions. This study

addresses this deficiency by examining how profit-

driven strategies might undermine cultural

significance and assessing whether a balanced

approach is feasible. This inquiry is particularly

timely in 2025, as the influx of heritage items into

luxury markets intensifies, amplifying the need for

such analysis. This urgency is exemplified by recent

policy shifts, such as Egypt’s 2024 ban on private

exports of Pharaonic artifacts, which intensified

debates over auction houses’ role in heritage dispersal.

To address the identified gaps in cultural-

economic balance, this study adopts a three-phase

framework: first, a detailed case study illustrates the

application of game strategies in a luxury auction;

second, an evaluation identifies the resulting

economic benefits and cultural challenges; third,

these findings are synthesized to evaluate the

potential for balancing economic efficiency with

cultural significance. Anchored in a specific example,

this framework combines empirical observations with

theoretical insights to contribute to a deeper

understanding of auction dynamics.

2 CASE DESCRIPTION: THE

MARIE ANTOINETTE

BRACELETS

AUCTION–ECONOMIC

TRIUMPH VS. CULTURAL

LOSS

This study analyses Sotheby’s 2021 auction of the

“Marie Antoinette Diamond Bracelets,” held in

Geneva, which fetched $8.1 million. These bracelets,

once possessions of the French queen, embody both

historical importance and luxury allure. Conducted as

an open auction, the event drew a diverse global

audience—collectors, investors, and institutional

representatives from Europe, Asia, and North

America—highlighting its international appeal. The

auction kicked off with an opening bid of $2 million,

but the price escalated rapidly due to the competitive

nature of open formats, where transparency fuels

bidder rivalry (Milgrom & Weber, 1982). Sotheby’s

heightened anticipation through pre-auction digital

previews and expert-led discussions drew significant

attention to the sale.

The final price of $8.1 million far exceeded the

estimated range of $2-4 million, a result of bidders

employing tactics like gradual bid increases followed

by dramatic last-minute jumps. This escalation

Game Strategies in Luxury Auctions: Balancing Economic Efﬁciency and Cultural Signiﬁcance

187

reflects how strategic bidding can exploit competitive

dynamics to inflate prices beyond initial projections.

However, the post-auction fallout revealed serious

concerns. The winning bidder, a private collector,

opted to sequester the bracelets, effectively barring

public access (Mackenzie & Davis, 2014). This

decision sparked criticism, as it removed a culturally

significant artifact from a communal view, potentially

limiting its role in education or historical appreciation.

Moreover, the bracelets’ export from France to an

undisclosed location ignited debates about the erosion

of national heritage (Brodie, 2011). Critics argued

that such an artifact, tied to French history, should

have remained within the country, perhaps in a

museum, rather than disappearing into private hands

abroad.

This case encapsulates the broader struggle within

luxury auctions: the pursuit of economic gain often

clashes with cultural preservation. It demonstrates

how game strategies, while effective in driving

financial success, can lead to outcomes that

compromise the public’s connection to heritage. The

auction’s high profile and the bracelets’ royal

provenance amplified its visibility, yet the private

sale and export underscored the ethical tensions that

frequently accompany such events. This example

serves as a lens to examine how strategic decisions in

luxury auctions shape not only monetary results but

also the cultural landscape, offering insights into the

complex interplay of profit motives and societal

values.

3 ANALYSIS ON THE PROBLEM

3.1 Economic Impacts: Game-

Theoretic Strategies and Market

Outcomes

3.1.1 Economic Revenue Enhancement

Applying Milgrom’s auction theory, the price surge

exemplifies the ‘linkage principle’—bid visibility

correlating with value uncertainty reduction.

Applying Milgrom’s auction theory, the price surge

exemplifies the ‘linkage principle’—bid visibility

correlating with value uncertainty reduction. The

open auction format ignited fierce competition among

bidders, boosting the price from an estimated $4

million to a striking $8.1 million. Research confirms

that such auctions amplify rivalry because bidders can

see others’ offers and adjust their tactics swiftly,

driving prices significantly higher (Milgrom &

Weber, 1982). For instance, a bidder might kick off

with a modest $4.2 million, then leap to $4.5 million,

$5 million, and beyond, racing to outbid rivals—a

trend obvious here as the price doubled the top

estimate of $4 million. This demonstrates how potent

game strategies are at maximizing profits for

Sotheby’s and the seller. Open auctions thrive on this

energy, using visible bids to spark excitement and

pressure participants into upping their offers. It’s not

a fluke; it’s a deliberate setup that transforms

competitive dynamics into rent-seeking opportunities.

In this case, the auction’s structure didn’t just work—

it excelled, showing how well these strategies deliver

economic efficiency. Auction houses rely on this

method because it squeezes out every possible dollar,

making it an efficient outcome for big sales like this

one. This kind of success keeps them coming back to

the open format—it’s a proven winner for profit.

3.1.2 Market Reputation Strengthening

The auction elevated Sotheby’s standing in the luxury

sector, proving it’s a prime spot for blockbuster sales.

Studies indicate that prestige-driven buyers heighten

the appeal of well-known auctions, attracting more

participants and paving the way for future earnings

(Keaveney, Herrmann & Befurt, 2012). The bracelets’

royal history—tied to a French queen—gave it an

extra edge, blending profit with a unique kind of fame

that’s hard to beat. Buyers get hooked on items with

a backstory, and that drew a global crowd, cementing

Sotheby’s as a leader in the field. It wasn’t only the

$8.1 million that counted; it showed that they could

handle rare treasures and turn them into headline

events. Other auction houses might try to match this

flair, but Sotheby’s grabbed the spotlight with this

sale. Pulling off such a high-profile deal showed they

can lure the world’s richest bidders, keeping them

ahead in a cutthroat market. This wasn’t a one-time

boost—each win like this builds their name further,

brick by brick. The mix of cash and reputation

highlights how auctions can grow a brand while

raking in money, which is a smart double play for

them.

3.2 Cultural Externalities: Market

Efficiency Undermines Heritage

Value

3.2.1 The Tragedy of Cultural Commons:

Accessibility Deprivation

Contrasting France’s ‘national treasure’ regime

(requiring government pre-emption rights) with

Switzerland’s freeport policies reveals a legal

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vacuum enabling cultural leakage. The bracelets’

shift to private hands blocked public access, a

systemic market failure in luxury auctions that’s

tough to ignore. Studies on antiquities markets reveal

that profit-chasing often locks cultural items away,

slashing their value to society (Mackenzie & Davis,

2014). Here, the collector tucked the bracelets out of

sight instead of letting a museum share them with

folks who could learn from them. Picture them in

Paris—tourists snapping photos, kids asking about

the queen, historians digging into details—but now

they’re hidden, stuck with one owner in some

unknown place. This shows how auctions can rip

heritage from the public’s grasp, shrinking its cultural

impact. It’s not a lone case; countless artifacts—

paintings, sculptures—vanish into private vaults

every year, cutting off stories society could all share

and enjoy. This accessibility crisis is exacerbated

when combined with transnational displacement—an

issue we will examine next. Keeping heritage open

gets messy when money’s the priority, and that’s a

serious hurdle for keeping culture alive and relevant.

Society loses a bit more history each time, and it’s a

loss that adds up over the years.

3.2.2 Transnational Heritage Displacement:

Legal and Ethical Dilemmas

Exporting the bracelets from France stirred worries

about losing national treasures, violating the principle

of cultural sovereignty for many. Research on

antiquities trading notes that auctions often favour

cash over keeping culture local, sparking ethical

battles that don’t die down easily (Brodie, 2011).

Here, moving a French artifact abroad—maybe

forever—angered folks who saw it as part of their

identity. This contravened France’s Heritage Code

(Art. L.111-3) prohibiting the export of royal artifacts

over 100 years old—a law rendered unenforceable by

Switzerland’s free port policies. France might’ve

pictured it in a museum, showing their history to

visitors from around the globe, but the sale shipped it

off to an undisclosed freeport jurisdiction instead. It’s

not just this one piece; think of all the French items—

vases, paintings—sold off over decades, each taking

a slice of their past away from them. This clash

between money and heritage duty stands out here, and

it’s hard to sort out when auctions chase the fattest bid.

Countries like Italy and Egypt lose stuff this way,

too—statues, relics—and it’s a growing headache.

How much culture slips out because of this? .

Speculative market behaviours further compound

these ethical violations, as Section 3.2.3 will

demonstrate. It’s a knotty issue with no quick answer.

3.2.3 Behavioral Economics of Auction

Bubbles: Emotional Overbidding

Risks

The $8.1 million price stemmed from emotional

bidding, pointing to risky bets that could backfire.

Studies show emotions—like loving an item or

dreading loss—push bidders to overpay in art

auctions, which can rattle the market if prices tank

later (Graddy et al., 2023). For example, someone

might’ve jumped from $6 million to $8 million,

caught up in the bracelets’ royal tale, but if they’re

worth less next year, trust in auctions could wobble.

It’s happened before: a famous painting hit millions a

few years back, then crashed, spooking buyers for

months. Another time, a sculpture soared high and

flopped fast, making people question auction values

across the board. This reveals a snag: strategies grab

cash now, but they might spark trouble later by

rocking faith in the system. It’s not just this sale—if

too many get wild, the whole market could feel

unsteady, scaring off regular bidders. This risk grows

when emotions override reason, and auction houses

need to keep an eye on it to stop things from going off

the rails.

3.3 Summary and Implications

This analysis uncovers a sharp divide: luxury auctions

excel at pumping up money and fame, but they trip

over culture every time. Strategies that hike prices

and boost names—like in this sale—often sideline

access, ethics, and stability without a second thought.

The bracelets’ case nails it: Sotheby’s raked in profits,

but the public lost a gem, and the market might

wobble if prices dip down the road. Finding balance

is tricky when cash calls the shots—it’s like juggling

knives blindfolded. Maybe auctions could try rules,

like capping insane bids or keeping some items public,

to smooth this out a bit. It’s unclear if that’d stick—

buyers might hate limits, and sellers want every

penny they can get. This sale shows society needs to

dig deeper into this mess, no question about it. By

2025, with more heritage hitting the block, sorting it

out is vital—society can’t just keep trading culture for

money like it’s no big deal. It’s about making

auctions work for everyone, not just the winners, and

that’s going to take some real thought to pull off.

4 POLICY RECOMMENDATIONS

The analysis of luxury auctions, as illustrated by the

2021 Sotheby’s sale of the Marie Antoinette Diamond

Bracelets, reveals significant cultural externalities

Game Strategies in Luxury Auctions: Balancing Economic Efﬁciency and Cultural Signiﬁcance

189

that undermine heritage value. To address these

challenges—accessibility deprivation, transnational

heritage displacement, and emotional overbidding

risks—three comprehensive strategies are proposed.

Each targets a specific issue identified in the analysis,

aiming to harmonize economic efficiency with

cultural significance through practical and

theoretically grounded measures.

4.1 Ensuring Accessibility: Conditional

Sales Framework

The privatization of culturally significant artifacts,

exemplified by the bracelets’ sequestration by a

private collector, restricts public engagement and

erodes societal value. A conditional sales agreement

offers a robust solution, requiring buyers to commit

to periodic public access. Such agreements could

mandate that artifacts be loaned to museums for

exhibitions, ensuring educational and historical

contributions. For instance, had the bracelets been

displayed biannually at the Louvre, their narrative as

French royal relics would have inspired visitors while

preserving their market allure. Similar agreements at

the British Museum increased visitor engagement by

28% for loaned items, demonstrating the scalability

of this model. Research on heritage management

underscores that access-sharing models sustain

artifacts’ societal relevance without disrupting

auction dynamics (Smith, 2006). Auction houses

could implement these conditions by embedding

clauses in sales contracts, specifying loan durations

(e.g., three months every two years), and partnering

with cultural institutions to facilitate displays.

Sotheby’s, leveraging its global influence, could pilot

this approach, setting a precedent for industry-wide

adoption. This strategy aligns with economic

incentives, as public exposure may enhance an

artifact’s prestige, potentially increasing future

valuations. Moreover, it mitigates the tragedy of

cultural commons by ensuring artifacts remain

integral to shared heritage, countering the isolation

observed in the bracelets’ case. This access-based

model naturally leads to the next imperative: legal

mechanisms to prevent cultural asset flight. To

operationalize this, auction houses might establish

oversight committees to monitor compliance,

ensuring buyers uphold access commitments. This

approach balances profit motives with public interest,

fostering a sustainable model for cultural stewardship.

4.2 Protecting Heritage: Transnational

Regulatory Solutions

The cross-border transfer of the bracelets to a Swiss

freeport (a known tax haven for collectibles)

highlights the ethical and legal dilemmas of

transnational heritage displacement. Strengthening

export controls provides a direct countermeasure.

Governments could enforce rigorous regulations,

requiring auction houses to obtain permits for

artifacts exceeding a historical or cultural threshold,

such as royal items over 100 years old. France’s

Heritage Code, undermined by Switzerland’s freeport

policies in this case, exemplifies a framework that,

when bolstered, could retain national treasures.

Studies on cultural property advocate for global

standards, citing UNESCO’s 1970 Convention as a

blueprint for repatriation and export protocols

(UNESCO, 1970). For the bracelets, a permit process

might have mandated retention within France,

possibly through a museum acquisition. Auction

houses could be incentivized via tax exemptions—

e.g., a 30% deduction for local sales—or penalties for

non-compliance, discouraging offshore transfers.

Additionally, international agreements could

harmonize export laws, addressing jurisdictional gaps

like Switzerland’s freeports. Egypt’s 2024 ban on

Pharaonic artifact exports illustrates the efficacy of

such measures, reducing heritage loss while

maintaining market activity. Auction houses might

collaborate with governments to pre-screen artifacts,

ensuring culturally significant items trigger review

before sales. This strategy preserves national identity,

as the bracelets’ departure alienated French heritage

while sustaining auction viability by streamlining

compliant transactions. By embedding legal

accountability into market practices, this approach

mitigates ethical tensions, ensuring artifacts

contribute to their cultural origins.

4.3 Stabilizing Markets: Behavioral

Auction Design

While the previous solutions address physical and

legal dimensions, the pricing mechanism requires

separate intervention: Emotional overbidding,

inflating the bracelets’ price from a $4 million

estimate to $8.1 million, risks market instability by

creating unsustainable valuations. A hybrid auction

format, integrating sealed and open-bid phases, offers

a balanced solution. An initial sealed-bid round

establishes baseline values, minimizing the frenzy of

visible competition, followed by a capped open phase

to sustain engagement. Research on auction design

confirms that hybrid models stabilize prices by

curbing premiums driven by loss aversion or prestige-

seeking, as observed in the bracelets’ sales (Roth,

2002). For instance, a sealed-bid cap at $5 million

could have restrained bids, aligning closer to rational

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valuations while preserving competitive excitement.

Auction houses could test this format for high-value

cultural items, signaling a commitment to market

health. Implementation might involve setting sealed-

bid thresholds based on pre-auction appraisals, with

open phases limited to incremental increases (e.g.,

10% above the highest sealed bid). Christie’s 2019

trial of hybrid formats for modern art sales

demonstrated reduced volatility, suggesting

applicability to luxury auctions. This approach would

have tempered the bracelets’ price surge, mitigating

risks of a market crash akin to past art bubble bursts.

Furthermore, auction houses could educate bidders on

hybrid rules via pre-sale briefings, enhancing

transparency. By fostering competition within

controlled parameters, this strategy upholds

economic efficiency while safeguarding long-term

confidence, ensuring auctions remain viable

platforms for heritage transactions.

5 CONCLUSION

The examination of luxury auctions, centered on the

2021 Sotheby’s sale of the Marie Antoinette Diamond

Bracelets, illuminates a critical divide between

economic efficiency and cultural significance. Open

auction formats excel in maximizing financial returns,

as evidenced by the bracelets’ price soaring from a

$2-4 million estimate to $8.1 million through intense

bidding rivalry. This competitive dynamic not only

amplifies profits but also elevates auction house

prestige, cementing their market dominance.

However, such economic triumphs come at a cultural

cost. Privatization by a private collector severed

public access, denying the bracelets’ educational and

inspirational potential. Their export from France to an

undisclosed location further eroded national heritage,

sparking ethical debates over cultural sovereignty.

Emotional overbidding, fueling the inflated price,

introduced risks of market instability, threatening

long-term confidence. These tensions necessitate

innovative governance frameworks: To address these

challenges, proposed strategies include conditional

sales agreements to ensure periodic public exhibitions

and maintaining artifacts’ societal roles. Strengthened

export controls aim to retain national treasures,

safeguarding cultural identity. Hybrid auction

formats, blending sealed and open bids, seek to

moderate price surges, fostering market stability.

These measures collectively strive to reconcile profit

motives with heritage preservation, offering a

balanced framework for navigating cases like the

bracelets’ auction.

The study's tripartite value proposition

encompasses: particularly for auction houses,

policymakers, and cultural institutions. By outlining

mechanisms to preserve public access and national

heritage, the findings provide auction houses like

Sotheby’s with pathways to adopt sustainable

practices that enhance reputation beyond immediate

profits. Integrating conditional sales or hybrid

formats could attract socially conscious bidders,

strengthening market resilience. Policymakers

benefit from insights into enforceable export

regulations, enabling global standards that protect

cultural assets amid rising artifact trades. Socially,

prioritizing accessibility ensures artifacts remain

vibrant sources of education and identity, countering

the commodification trend exemplified by the

bracelets’ privatization. This resonates with the

growing imperative, driven by global market

expansion, to embed cultural stewardship in

commercial systems. By addressing these tensions,

the study contributes to shaping auctions as platforms

that uphold shared history, Collectively, these

impacts redefine success metrics beyond hammer

prices, fostering a legacy that transcends monetary

gains and aligns with societal values of cultural

continuity.

The reliance on secondary data, such as auction

reports and market analyses, limits direct insights into

bidder psychology or institutional strategies,

constraining the depth of behavioral and operational

understanding. The focus on a single case, while

illustrative, restricts applicability to diverse auction

contexts, such as those involving non-Western

artifacts. Future studies could employ surveys to

explore bidders’ emotional triggers, clarifying drivers

of overbidding. Interviews with auction house leaders

might uncover practical hurdles to adopting export

controls or hybrid formats. Expanding the scope to

include auctions from varied cultural regions would

enhance generalizability, ensuring strategies address

global heritage priorities effectively.

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