Draper, P, Duboisee De Ricquebourg, AJ orcid.org/0000-0002-5268-2109 and Clacher, I orcid.org/0000-0002-8892-6697 (2018) Auctions, market efficiency, and the trade in second-hand and antique silver. Economics Letters, 162. pp. 45-48. ISSN 0165-1765
Abstract
Using a new, large, unique database relating to silver goods sold at two major UK auction houses we show that the scrap value of silver plays a significant role in determining the realised prices of items sold at silver auctions. However, although scrap silver can be sold for cash at guaranteed prices almost immediately, arbitrage opportunities are extremely limited. Just over 6% of silver goods sell below scrap value but once the buyer’s premium is allowed for the opportunity for profit is tiny.
Metadata
Item Type: | Article |
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Authors/Creators: |
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Copyright, Publisher and Additional Information: | © 2017 Elsevier B.V. This is an author produced version of a paper published in Economics Letters. Uploaded in accordance with the publisher's self-archiving policy. |
Keywords: | Art market; Market efficiency; Auction; Silver |
Dates: |
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Institution: | The University of Leeds |
Academic Units: | The University of Leeds > Faculty of Business (Leeds) > Accounting & Finance Division (LUBS) (Leeds) |
Depositing User: | Symplectic Publications |
Date Deposited: | 09 Nov 2017 13:47 |
Last Modified: | 03 May 2019 00:42 |
Status: | Published |
Publisher: | Elsevier |
Identification Number: | 10.1016/j.econlet.2017.10.022 |
Open Archives Initiative ID (OAI ID): | oai:eprints.whiterose.ac.uk:123616 |