An Investigation of Value Updating Bidders in Simultaneous Online Art Auctions

Table 5

Summary of the findings.

Covariates	Influencers	Reactors
Low pre-auction estimates of the lots bid	No effect	Positive effect suggesting that Reactors tend to update values on lots with high pre-auction estimates
Artist’s reputation	No effect	Negative effect suggesting that Reactors tend to update value on works of artists who have sold fewer works in recent years
No. of paper works	No effect	No effect
Bid frequency at each half of the auction	Positive effect of the first half bid frequency and no effect of the second half bid frequency. This indicates that Influencers bid more in the first half as compared to the second half of the auction	Positive effect of second half bid frequency and no effect of the first half bid frequency. This indicates that the Reactors tend to bid more in the second half as compared to the first half of the auction
Total no. of unique lots bid	No effect	Negative effect suggesting that Reactors tend to bid on small number of lots