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Copyright of Environmental & Social Management Journal / Revista de Gestão Social e Ambiental is the property of Environmental & Social Management Journal and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

This study aims to investigate the impact of auction houses on the demand for business and cultural tourism, influencing travel experiences and shaping tourist expenditures. Using a decade of data and field observations, indepth researches were conducted with auction house stakeholders to explore the gap between starting and final selling prices and the tourist flow at these establishments. Tourist numbers were determined through "Office for National Statistics" data, and auction data were analysed using product catalogues and bid prices. Descriptive statistics and regression analysis were used to examine the relationship between tourist numbers and auction prices. The findings revealed no significant correlation between the selling prices of Islamic artifacts and tourist numbers; however, a strong correlation was observed between auction prices and final selling prices. It is recommended to analyse additional factors affecting tourist numbers in more detail. In light of these results, strategies emphasizing cultural and historical value are proposed for auction houses to enhance their tourist appeal, including the use of digital marketing and a reassessment of pricing strategies. This research underscores the need for a deeper understanding of the intricate relationship between auction houses and the tourism industry, emphasizing the necessity for further studies to make progress in comprehending and developing more effective strategies within a concise framework. [ABSTRACT FROM AUTHOR]

The Romanian art market occupies a relatively modest place in the international context, but it has registered a significant growth in the last decades, attracting more and more attention on the global stage. Like most Eastern European countries, former communist states, Romania is an emerging art market, currently having a small volume of transactions on the world art market. At the moment, most sales of modern art in Romania are made through auction houses, with Artmark the authoritative leader, while contemporary art is mainly sold through galleries. However, the volume and value of transactions remain modest compared to the large international auction houses such as Christie's and Sotheby's. This paper examines the market dynamics, analyzing the activity of art galleries, auction houses, publications and art magazines, what are the quotes of Romanian artists, and other aspects, such as art fairs or data related to the trends of the Romanian art market good, because opportunities exist, including for a young market like the one in Romania. Events such as Art Safari, MoBU, Bucharest Contemporary Art Biennale and Cluj International Ceramics Biennale, etc. contributes to positioning the Romanian art market on the international map, attracting collectors and art critics from all over the world. The perspectives of the Romanian art market are particularly aimed at the function of art as an investment alternative, as there are still many heritage or contemporary art objects at affordable prices for the beginning of a collection, but also for older collectors or those people with solid financial funds who are looking for an alternative to secure savings. The paper concludes that the Romanian art market has the potential to develop and expand significantly in the coming years. [ABSTRACT FROM AUTHOR]

Contemporary Taínos protested the 2021 sale, by Christie's auction house, of sacred ancestral pieces. This essay focuses on one prolific Taíno media creator and behike (or shaman), Luis Ramos, and his role in these protests and his theological and metaphysical interpretations of the protests as, though they did not succeed in stopping the auction, a "win" for the Taíno community. For Ramos, this "win" hinges on Taíno theories of media that allow for Taíno creative control over objects used to facilitate direct contact with the cemi or spirits, meaning that while the ancestral pieces held by Christie's are of value, the fact that living Taínos use other pieces to experience the presence of the cemi is even more important. Likewise, this presence of the cemi is understood to offer recognition to the Taíno community, the predication of an alternative model of sovereignty that is determined by Taínos rather than any exterior force. This alternative economy of recognition, coupled with a defiance of state logic and uninterest in the lack of recognition offered by the state (or by a multinational corporation like Christie's), is key to an alternative politics allowing for Taínos to emphasize their own creative agency and authority over their spirituality. Resumen: Los taínos contemporáneos protestaron contra la venta de piezas sagradas ancestrales por parte de la casa de subastas Christie's en 2021. Este ensayo se centra en un creador de medios taíno y behike (o chamán), Luis Ramos, y su papel en estas protestas. Aunque Luis no consiguió detener la subasta, sus interpretaciones teológicas y metafísicas de las protestas plantean que sus acciones fueron una "victoria" para la comunidad taína. Para Ramos, esta "victoria" se basa en las teorías taínas sobre los medios de comunicación que permiten el control creativo taíno sobre los objetos utilizados para facilitar el contacto directo con el cemi o los espíritus, lo que significa que, si bien las piezas ancestrales en poder de Christie's son valiosas, el hecho de que los taínos vivos utilicen otras piezas para sentir la presencia del cemi es aún más importante. También se entiende que la presencia del cemi reconoce a la comunidad taína, y predica un modelo alternativo de soberanía que está determinada por los taínos y no por una fuerza exterior. Esta economía alternativa de reconocimiento, unida a un desafío a la lógica estatal y al desinterés por la falta de reconocimiento que ofrece el Estado (o una multinacional como Christie's), es clave para una política alternativa que permita a los taínos enfatizar su propia agencia creativa y su autoridad sobre su espiritualidad. [ABSTRACT FROM AUTHOR]

The images in Passing Captive Still depict humans together with birds in cages, their respective presence conjoined at eye-level. In this series, both human actors and the birds themselves are, in every case, seen through the cage bars suggesting a subversive, equalizing narrative. The strategic, pictorial conflation produces an uncanniness, which is both quaint and unsettling. As far as the images themselves are to be believed, both species are apparently "imprisoned" in the pictorial space. In order further to upset what might be the expected power balance of the auction house and event, the various bird individuals, pairs or groupings, appear always in front of the human actors, thereby privileging them within that space. An objective, reflective and contextualizing commentary is interspersed alternately with a subjective view, apparently from the position of those held captive against their will. [ABSTRACT FROM AUTHOR]

This study seeks to address the difficulty of pricing art and the limitations of conventional valuation models by using visual analysis to determine the price of paintings. We examine a large hand-collected sample of classical paintings by Swedish Masters, categorize them based on various dimensions, and reduce measurement error by visually examining and classifying each painting into a theme. We compare this 'visual' approach with the conventional 'terminological' approach. We find that the technique, theme, and auction house all have a substantial impact on the price. We argue that a visual inspection should take precedence over analysis based on the artwork's title. This is because the latter leaves many artworks unclassified and results in a systematic bias. The study demonstrates the importance of using art-informed characteristics to reduce measurement error in pricing paintings. [ABSTRACT FROM AUTHOR]

Whereas trust is the cornerstone of any market's functioning, it is of particular importance in markets that are unregulated, illiquid, and opaque, such as the art market. This study examines the role of authenticity, as captured by provenance information in auction catalogs, on the probability of auctioned oil paintings, watercolors, and prints being sold; their price formation; and returns. Auction catalogs include four authenticity dimensions: pedigree (ownership "blockchain," descendance information; type of past owners, such as renowned collectors; and past sales records), exhibition history (e.g., in famous museums or galleries), literature coverage (e.g., in catalogues raisonnés or authoritative press), and certification (e.g., artist's physical testimonial, expert opinions). We find that trust, proxied by provenance information, increases the probability of a work being sold by up to 4%, leads to hammer price premiums up to 54%, and increases annualized returns by 5%–16%. To address potential endogeneity problems between the provision of provenance and past prices/price expectations, we perform quasi-natural experiments in difference-in-differences settings on auction houses' provenance policy changes following authenticity litigation and on a contamination effect of the discovery of fakes and forgeries on the oeuvre of forged artists. We also test transactions less affected by past prices, such as estate sales following the death of a collector. The findings on the relation between provenance and prices are robust to artist reputation, artistic style, auction house reputation, art market liquidity, and artist career timing. This paper was accepted by Tomasz Piskorski, finance. Funding: Y. Li gratefully acknowledges supports from the National Natural Science Foundation of China [Grant 72204257] and the Area Studies Fund of Renmin University of China [Grant AS2022002]. This study is partially funded by the Tilburg Alumni Fund. Supplemental Material: The online appendix and data are available at https://doi.org/10.1287/mnsc.2022.4633. [ABSTRACT FROM AUTHOR]

Since 1939, an artwork in Italy can be subject to an "export veto" if it was created more than 50 years before the date of sale by an artist who is no longer living at the time of the sale. When the Italian bureau decides to exercise its right to veto exportation, these artworks cannot circulate outside the territory of Italy. Using original data from a hand-collected dataset covering all artworks made by non-living modern and contemporary Italian artists, auctioned at Christie's and Sotheby's in London and Milan between 2012 and 2016, we estimate a threshold model to consider the effect of the export veto law on price while controlling for the potential presence of a sample selection bias. We found that, while artwork prices are increasing in the time span between the year of creation and the date of sale, this effect reverses for artworks sold in Italy and created more than 50 years before the sale date. A similar pattern is also found in pre-sale estimates fixed by the auction houses, suggesting they exhibit rational behaviour in anticipating the export veto effect. [ABSTRACT FROM AUTHOR]

Copyright of Revista de la Asociacion Aragonesa de Criticos de Arte is the property of Asociacion Aragonesa de Criticos de Arte and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

On 11 March 2021, amidst the lingering grip of the COVID-19 pandemic, the art world witnessed an extraordinary event. Christie's, the renowned auction house, hosted a groundbreaking auction counting just one lot: a Non-Fungible Token (NFT)—a digital asset that had been generating buzz in recent times. The astounding price fetched by the NFT sent shockwaves through the art world. While the 255-year-old auction house was known for selling unique assets, its auctioning of an NFT was surprising as Christie's online marketplace was not on the blockchain, contrarily to NFT platforms such as Opensea, Nifty Gateway, etc. The resounding success, however, of its historic auction was followed by a surge of NFT off-chain sales at Christie's, Sotheby's, and Phillips. While extensive research has been done on the trade of NFTs on the blockchain, little research exists on the trade of NFTs at public auction houses. Based on more than two years' tracking of NFTs auctioned at major auction houses, our research identifies three phases in the development of the trade and provides valuable insights into the unique factors that contributed to the growth of NFTs at public auctions between the springs of 2021 and 2023. [ABSTRACT FROM AUTHOR]

This paper analyses the auction policy over enrollees' monopoly rights introduced in the Chilean pension system. This policy was designed to promote competition in the pension fund market driven by private firms, after 30 years of operation. Since the Chilean pension fund system has inspired dozens of countries in the last forty years, the analysis of the design and performance of its relatively new auction mechanism is of worldwide interest. We present a theoretical and empirical model. Our theoretical model illustrates firms' incentives to participate in the auction process. Our empirical analysis focuses on the effect of auctions on outcomes, such as fees, mark-ups, demand price elasticity, returns, and risk premiums. Despite the evidence shown for the positive benefits of the auction implementation, the current mechanism design is not considering that the biggest issue is the low individuals' price response levels. Importantly, the current auction design only incentivizes new entrants to participate. Thus, the design generates low competition in the auction processes. Proper design should incentivize all firms to participate. Besides, we find that consumers' price elasticity increased after the implementation of auctions, although demand is still generally inelastic. Interestingly, non-winning auction firms did not react in fees but may have reacted in other characteristics, such as returns and risk premiums. [ABSTRACT FROM AUTHOR]

Copyright of Riwayat: Educational Journal of History & Humanities is the property of Riwayat: Educational Journal of History & Humanities and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Motivation: China is now the third largest art market in the world, and thanks to its long history, the country is able to offer a great artistic heritage. Chinese auctioning institutions have become one of the most significant in the world, having a massive global impact on art pricing. By establishing their sales infrastructure in new locales ahead of the traditional mechanisms of primary market commercial galleries, the Chinese auction houses have played a foundational role in the notional construction of new genres of art. Aim: The main purpose of this article is to present a detailed analysis of Chinese auction houses and other auction institutions, with regards to the economic and legal aspects of their operation. The article is cross-sectional, showing how China has become the fastest growing art market in the world. The analysis provides evidence for the existence of various factors that determine the dynamic development of the Chinese art auctions market and determines the differences in the functioning of Chinese and Western auction houses. Results: These results illustrate that exceptional economic and political factors made it possible to significantly develop the Chinese auction market in a very short time. [ABSTRACT FROM AUTHOR]

We examine the effectiveness of a quality assurance mechanism that relies on a third-party's reputation. We focus on the market for fine and rare wines where auction houses intermediating between sellers and buyers have also claimed expertise to assess product authenticity. An auction house's reputation can sustain product quality in this market only if consumers absorb relevant information and reduce demand through houses who fail at screening out counterfeits. We test the existence of such reputational effects by studying the market responses to a major disclosure from 2012 of three auction houses having auctioned thousands of bottles of fake wine. We find that these houses did suffer reputational losses. These losses are demonstrated over the following year by a decrease in equilibrium sales prices of all wines, and a decrease in sales quantities of older wines, relative to other houses. [ABSTRACT FROM AUTHOR]

We construct a neural network algorithm that generates price predictions for art at auction, relying on both visual and nonvisual object characteristics. We find that higher automated valuations relative to auction house presale estimates are associated with substantially higher price‐to‐estimate ratios and lower buy‐in rates, pointing to estimates' informational inefficiency. The relative contribution of machine learning is higher for artists with less dispersed and lower average prices. Furthermore, we show that auctioneers' prediction errors are persistent both at the artist and at the auction house level, and hence directly predictable themselves using information on past errors. [ABSTRACT FROM AUTHOR]

Latin America is a region rich with cultural heritage that existed for centuries before its antiquities were looted, trafficked, and sold on the international market. The language used to classify these objects of cultural heritage has been a tool of oppression and erasure. In reference to those objects of historical importance, auction houses, dealers, museums, and even looters themselves consistently use the term "Pre-Columbian." "Pre-Columbian," which means "before Columbus," defines the historical period prior to the establishment of the Spanish culture in the national territories of Mexico, Central America, South America, and the Caribbean islands. In fact, this definition is the basis of the 1972 Pre-Columbian Act in the United States, which addresses trafficking of Latin American sculptures, murals, and architectural elements. This Article examines the use of "Pre-Columbian" in American cultural heritage law in the conext of linguistic settler colonialism, which results in the oppression and continued trauma of cultures through the use of harmful language. This Article argues that any reference to Columbus in the laws impacting Latin American cultural heritage contributes to the erasure of Indigenous peoples. Its use advances the fallacy that these peoples were "primitive," "tribal," or even "uncivilized." It also perpetuates the belief that these groups only exist through their connection to Europe. Through a comprehensive examination of the term "Pre-Columbian" and its detrimental impacts on Indigenous cultures, this Article begins the process of removing problematic language from cultural heritage law. [ABSTRACT FROM AUTHOR]

Technological and socio-economic changes have forced organizations in the art sector to redefine their function in the market, to strengthen their relationships with consumers and to appeal to a more heterogeneous consumer audience. The physical space of art organizations constitutes a major tool for them to attract and communicate with customers. Based on a multiple case studies approach, this article explores how art auction houses have rearranged their physical space in order to create an intended customer experience based on seduction. Our study contributes to Consumer Culture Theory research by illustrating how both the tangible and intangible features of the spatial setting are orchestrated by managers to facilitate an intended consumer experience. Space is organized in such a way that a heterogeneous customer base can co-participate in the game of seduction, and the artwork maintains its role as a catalyst of the experience. [ABSTRACT FROM AUTHOR]

Auction houses employ in-house art experts to assess the value of objects. Items that will be placed on the auction block are first published in catalogs with the experts' upper- and lower-bound estimates of each object's market value. This paper examines whether the roundness of those estimates is related to the likelihood that items sell and their eventual hammer price. We find that rounder lower estimates reduce the eventual hammer price and perhaps also the likelihood that the item sells. The roundness of the upper estimate seems to have no clear impact on the auction outcome. [ABSTRACT FROM AUTHOR]