Unobservable, heterodox, and seemingly abstract properties like beauty and talent do not come with market prices, yet they determine the auction results of masterpiece artworks and the compensation levels of global superstars. This thesis analyses the pricing of such properties, as well as the markets in which this pricing takes place. Two chapters investigate the subsequent pricing of artworks that initially failed to sell at auction, finding that the omission of passed-in auctions distorts the returns implied by market indexes. Two additional chapters apply power law analysis to celebrity pay, inequality, and the global integration of the CEO market.
|Qualification||Doctor of Philosophy|
|Award date||21 Oct 2020|
|Publication status||Unpublished - 2020|