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A Superstar Dreaming: An economic analysis of the Aboriginal Desert Paintings Market
by Karen Francis Abstract Two artists each have total auction sales greater than AU$10 million in a single decade. In that same market and decade, over 20% of painters failed to sell a single painting offered at auction. There is no question that superstars dominate the Aboriginal Desert Paintings Market (ADPM) in Australia. But what […]
Analysis of Auction Price Risk: An Empirical Study of the Australian Aboriginal Art Market
by Ilya Voytov Abstract Auction theory economists have shown that auctions can be structured to maximize the expected revenue to the seller. In this thesis, I show that they can also be optimized to minimize the sellers’ risk through an understanding of the driving factors behind seller’s auction price risk. I derive a general form […]
