Table 2
Open in new tab

Buyer likelihood to purchase artwork at auction

Variable of interestDealersOthersAll
(1)(2)(3)
Posthumous−0.008−0.0010.018
(0.050)(0.054)(0.037)
Artist: log eigenvector centrality−0.003−0.020***−0.009*
(0.006)(0.006)(0.004)
Artist: log no. of art sold−0.036**0.028*−0.011
(0.015)(0.016)(0.011)
Buyer: log eigenvector centrality0.078***−0.0050.043***
(0.005)(0.004)(0.003)
Buyer: log capacity0.039***0.043***0.059***
(0.008)(0.006)(0.005)
Artist–buyer link0.566***0.530***0.572***
(0.019)(0.029)(0.015)
Seller: family−0.0010.038−0.004
(0.037)(0.037)(0.026)
Seller: unknown−0.108***0.137***−0.012
(0.025)(0.025)(0.018)
Seller: log past sales−0.025*0.038**0.000
(0.013)(0.015)(0.010)
Max rival: log−0.188***0.002−0.129***
Eigenvector(0.015)(0.013)(0.019)
Max rival: log capacity−0.115***0.004−0.109***
(0.020)(0.019)(0.013)
Mean rival: artist–buyer link−0.658***−0.399***−0.551***
(0.116)(0.129)(0.086)
Artist: contemporary British0.043*−0.0410.004
(0.022)(0.025)(0.016)
Observations110,217206,295316,512
Other controlsYesYesYes
Pseudo R20.1470.0680.137
Variable of interestDealersOthersAll
(1)(2)(3)
Posthumous−0.008−0.0010.018
(0.050)(0.054)(0.037)
Artist: log eigenvector centrality−0.003−0.020***−0.009*
(0.006)(0.006)(0.004)
Artist: log no. of art sold−0.036**0.028*−0.011
(0.015)(0.016)(0.011)
Buyer: log eigenvector centrality0.078***−0.0050.043***
(0.005)(0.004)(0.003)
Buyer: log capacity0.039***0.043***0.059***
(0.008)(0.006)(0.005)
Artist–buyer link0.566***0.530***0.572***
(0.019)(0.029)(0.015)
Seller: family−0.0010.038−0.004
(0.037)(0.037)(0.026)
Seller: unknown−0.108***0.137***−0.012
(0.025)(0.025)(0.018)
Seller: log past sales−0.025*0.038**0.000
(0.013)(0.015)(0.010)
Max rival: log−0.188***0.002−0.129***
Eigenvector(0.015)(0.013)(0.019)
Max rival: log capacity−0.115***0.004−0.109***
(0.020)(0.019)(0.013)
Mean rival: artist–buyer link−0.658***−0.399***−0.551***
(0.116)(0.129)(0.086)
Artist: contemporary British0.043*−0.0410.004
(0.022)(0.025)(0.016)
Observations110,217206,295316,512
Other controlsYesYesYes
Pseudo R20.1470.0680.137

Each observation is a bidder at an auction who may buy a painting. Column 1 includes only the bidders who were art dealers. Column 2 includes only the bidders who were not art dealers. Column 3 looks at the full sample. All columns incorporate other control variables as well, including log number of buyers, log number of painting for sale, a dealer’s capacity, and dummies for an artwork’s medium and genre. * Significance at the 10% level. ** Significance at the 5% level. *** Significance at the 1% level. Source: Authors’ calculation.

Table 2
Open in new tab

Buyer likelihood to purchase artwork at auction

Variable of interestDealersOthersAll
(1)(2)(3)
Posthumous−0.008−0.0010.018
(0.050)(0.054)(0.037)
Artist: log eigenvector centrality−0.003−0.020***−0.009*
(0.006)(0.006)(0.004)
Artist: log no. of art sold−0.036**0.028*−0.011
(0.015)(0.016)(0.011)
Buyer: log eigenvector centrality0.078***−0.0050.043***
(0.005)(0.004)(0.003)
Buyer: log capacity0.039***0.043***0.059***
(0.008)(0.006)(0.005)
Artist–buyer link0.566***0.530***0.572***
(0.019)(0.029)(0.015)
Seller: family−0.0010.038−0.004
(0.037)(0.037)(0.026)
Seller: unknown−0.108***0.137***−0.012
(0.025)(0.025)(0.018)
Seller: log past sales−0.025*0.038**0.000
(0.013)(0.015)(0.010)
Max rival: log−0.188***0.002−0.129***
Eigenvector(0.015)(0.013)(0.019)
Max rival: log capacity−0.115***0.004−0.109***
(0.020)(0.019)(0.013)
Mean rival: artist–buyer link−0.658***−0.399***−0.551***
(0.116)(0.129)(0.086)
Artist: contemporary British0.043*−0.0410.004
(0.022)(0.025)(0.016)
Observations110,217206,295316,512
Other controlsYesYesYes
Pseudo R20.1470.0680.137
Variable of interestDealersOthersAll
(1)(2)(3)
Posthumous−0.008−0.0010.018
(0.050)(0.054)(0.037)
Artist: log eigenvector centrality−0.003−0.020***−0.009*
(0.006)(0.006)(0.004)
Artist: log no. of art sold−0.036**0.028*−0.011
(0.015)(0.016)(0.011)
Buyer: log eigenvector centrality0.078***−0.0050.043***
(0.005)(0.004)(0.003)
Buyer: log capacity0.039***0.043***0.059***
(0.008)(0.006)(0.005)
Artist–buyer link0.566***0.530***0.572***
(0.019)(0.029)(0.015)
Seller: family−0.0010.038−0.004
(0.037)(0.037)(0.026)
Seller: unknown−0.108***0.137***−0.012
(0.025)(0.025)(0.018)
Seller: log past sales−0.025*0.038**0.000
(0.013)(0.015)(0.010)
Max rival: log−0.188***0.002−0.129***
Eigenvector(0.015)(0.013)(0.019)
Max rival: log capacity−0.115***0.004−0.109***
(0.020)(0.019)(0.013)
Mean rival: artist–buyer link−0.658***−0.399***−0.551***
(0.116)(0.129)(0.086)
Artist: contemporary British0.043*−0.0410.004
(0.022)(0.025)(0.016)
Observations110,217206,295316,512
Other controlsYesYesYes
Pseudo R20.1470.0680.137

Each observation is a bidder at an auction who may buy a painting. Column 1 includes only the bidders who were art dealers. Column 2 includes only the bidders who were not art dealers. Column 3 looks at the full sample. All columns incorporate other control variables as well, including log number of buyers, log number of painting for sale, a dealer’s capacity, and dummies for an artwork’s medium and genre. * Significance at the 10% level. ** Significance at the 5% level. *** Significance at the 1% level. Source: Authors’ calculation.

Close
This Feature Is Available To Subscribers Only

Sign In or Create an Account

Close

This PDF is available to Subscribers Only

View Article Abstract & Purchase Options

For full access to this pdf, sign in to an existing account, or purchase an annual subscription.

Close