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Modeling Online Art Auction Dynamics Using Functional Data Analysis, Karempudi Srinivas Reddy, Mayukh Dass
Modeling Online Art Auction Dynamics Using Functional Data Analysis, Karempudi Srinivas Reddy, Mayukh Dass
Research Collection Lee Kong Chian School Of Business
In this paper, we examine the price dynamics of on-line art auctions of modern Indian art using functional data analysis. The purpose here is not just to understand what determines the final prices of art objects, but also the price movement during the entire auction. We identify several factors, such as artist characteristics (established or emerging artist; prior sales history), art characteristics (size; painting medium—canvas or paper), competition characteristics (current number of bidders; current number of bids) and auction design characteristics (opening bid; position of the lot in the auction), that explain the dynamics of price movement in an on-line …