An Investigation of Value Updating Bidders in Simultaneous Online Art Auctions

Table 1

Data description.

No. of lots sold	199
No. of bids	3080
Average no. of bids per lot $(\text{range})$	15.47 (2, 48)
Average value of the lots $(\text{range})$	$56,282 ($2,850, $1,351,000)
Average first bid of the lots $(\text{range})$	$19,343 ($650, $300,000)
Average no. of bidders per lot $(\text{range})$	6.35 (2, 14)
Average time of bids (scaled 0-1)	0.4998
Average time of entry to the auction	0.5386
Average time of exit to the auction	0.8397