The art market has special characteristics that distinguish it from other markets: a fixed volume of supply, high heterogeneity and low liquidity of goods, high transaction costs. This affects the price management tools used by the main market participants. The purpose of this work is to identify key tools that are used by market participants to influence the sale price of paintings, as well as to highlight stable combinat,ions of these tools. Hedonic regression, principal component analysis and hierarchical clustering are used as analysis tools. On the example of the Russian art market, 4 groups of auction houses were identified, differing in the set of tools for managing the sale price of paintings.
Keywords: Pricing, auction houses, noon effect, repeat sales, clustering, principal component method.
JEL: Z11, L10.
For citation: Durmush, D.A., Mirzoyan, A.G. (2022) Tools for Managing the Price of Lots by Auction Houses in the Art Market. Scientific Research of Faculty of Economics. Electronic Journal, vol. 14, no. 1, pp. 40-67. DOI: 10.38050/2078-3809-2022-14-1-40-67