House Sales: Reverse Auctions in the Art Market

Here's a fascinating piece from ArtNet, detailing some of the innerworkings of the art market. "House Sales" represent the art world's use of reverse auctions, as described below:

These scantly attended monthly events are where you might catch a "reverse auction," in which the auctioneer attempts to open a lot at $1,000, say, and then, when no one bites, lowers the opening bid to $500. Since it’s the auction business, where one person’s trash is another’s treasure, bargains can occasionally be had.

Read the complete piece below to see what treasures have been had at such events:

ART MARKET WATCH

Interesting stuff!

David


From the Reverse Auction Research Center: http://reverseauctionresearch.blogspot.com/ +++++++++++++++++++++++++++++�

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How Green is Your Garden?: Using Reverse Auctioning to Maximize Citizen Participation in Governmental-led Environmental Programs

Image via Wikipedia

Government programs aimed at promoting a cleaner environment can often suffer from both ballooning costs and lagging participation rates to deter them from achieving measurable successes. How to counter this trend? Why not use reverse auctioning? In this article, we analyze how the EPA has used competitive bidding to get the most “bang for the buck” and promote stormwater runoff management efforts to the most possible participants in a pilot program in the Cincinnati, Ohio area.

Read more:

How Green is Your Garden?: Using Reverse Auctioning to Maximize Citizen Participation in Governmental-led Environmental Programs | Scienceray

David

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