Comments on: Evaluating Art Auction Results Pt. 5 – artmarketblog.com http://www.artmarketblog.com/2009/03/16/evaluating-art-auction-results-pt-5-artmarketblogcom/ Art Market Analysis by Nic Forrest Tue, 07 Feb 2012 17:54:00 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Maximilian http://www.artmarketblog.com/2009/03/16/evaluating-art-auction-results-pt-5-artmarketblogcom/#comment-1993 Maximilian Wed, 18 Mar 2009 15:26:58 +0000 http://artmarketblog.com/?p=1913#comment-1993 Hi Nicholas, But the estimate is no proxy for value, just a price is. How could one theoretically argue other than that? In the cases "passed in with bids"/ "passed in w/o bids" you could see a spread in value asked by the seller and offered by any other person eager to buy. So just for the sake of make a reasonable computation it seems to me, the average of the spread would be - of all the presented approaches - the best approximation. (even with the "i don't know how low must he further go" in the no single bid case) makes a 31.000/53.000 in your example. and there is no possiblity for a >100% My two cent. Hi Nicholas,

But the estimate is no proxy for value, just a price is. How could one theoretically argue other than that?

In the cases “passed in with bids”/ “passed in w/o bids” you could see a spread in value asked by the seller and offered by any other person eager to buy.

So just for the sake of make a reasonable computation it seems to me, the average of the spread would be – of all the presented approaches – the best approximation. (even with the “i don’t know how low must he further go” in the no single bid case)

makes a 31.000/53.000 in your example. and there is no possiblity for a >100%

My two cent.

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