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Maria Emilia Garcia Appendini
Former Member
Last Name
Garcia Appendini
First name
Maria Emilia
Email
mariaemilia.garciaappendini@unisg.ch
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PublicationExperience and Brokerage in Asset Markets: Evidence from Art AuctionsFocusing on the art market, where auction houses act as brokers between art sellers and buyers, we investigate whether more experienced brokers achieve better performance as information providers. We use a unique data set of auctions of Italian paintings in various houses around the world, and we measure experience as the number of times an auctioneer has auctioned the artworks of a certain artist in a given location. We find that more experienced auction houses (i) are more likely to sell and (ii) provide more precise pre-sale estimates. These findings suggest that experience plays an important role for brokers to reduce illiquidity and opacity in markets with asymmetric information.