DETERMINANTS OF SALES RATES AT TURKISH ART AUCTIONS

Abstract

We examine the determinants of the overall sales rates at art auctions in Turkey. We use a unique dataset that covers 79 auctions that took place between January 2005 and February 2008. After controlling for auction house differences, seasonal factors and the price levels of the auctions, we find that the expectations about the economic developments and consumption patterns play an important role in explaining the sales rates differentials across different auctions taking place over time.