Transparency in an Opaque Market: Evaluative Frictions Between 'Thick' Valuation and 'Thin' Price Data in the Art Market

Erica H. Coslor
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引用次数: 43

Abstract

This paper highlights the paradoxical effects of increased price data in markets with difficult-to-value products where non-price factors are highly relevant. In the fine art market, the growth of market information providers facilitated access to auction price data, beneficial in a market noted for its clandestine dealings. Drawing from inductive ethnographic research, the paper notes complex outcomes from increased data availability, as auction prices can be seen as an indicator of an artwork’s value. The findings deconstruct factors of supply, demand and multiple prices in the art market, highlighting important non-price factors in valuation, which complicate provider claims of art market transparency. Unpacking the process through which expert “thick” valuation transforms raw price data into comparables and then valuations helps to explain continuing differences in valuation, with buyers prone to understand past prices as market or reference prices, rather than raw materials for valuation that are adjusted for complexity. This contributes to an understanding of both advantages and predictable problems from increased price data in markets that contain substantial qualitative and non-numerical data, as evaluative frictions can occur even in the absence of clearly defined alternative valuation methods. This develops productive linkages between critical transparency and the valuation and evaluation research.
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不透明市场中的透明度:艺术市场中“厚”估值与“薄”价格数据之间的评估摩擦
本文强调了在非价格因素高度相关的难以估值产品市场中增加价格数据的矛盾效应。在艺术品市场,市场信息提供商的增长为获取拍卖价格数据提供了便利,这对一个以秘密交易著称的市场是有益的。根据归纳民族学研究,本文指出了数据可用性增加带来的复杂结果,因为拍卖价格可以被视为艺术品价值的指标。研究结果解构了艺术市场的供给、需求和多重价格因素,突出了估值中重要的非价格因素,这些因素使供应商声称的艺术市场透明度变得复杂。分析专家“厚”估值将原始价格数据转化为可比性数据,然后再进行估值的过程,有助于解释估值之间持续存在的差异,因为买家倾向于将过去的价格理解为市场价格或参考价格,而不是根据复杂性进行调整的估值原材料。这有助于理解包含大量定性和非数值数据的市场中增加的价格数据的优点和可预测的问题,因为即使在没有明确定义的替代估值方法的情况下,评估摩擦也可能发生。这就在关键透明度与评价和评价研究之间建立了富有成效的联系。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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