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Other art markets have developed in a similar way as the comparison to other indices, such as Sotheby's Index, based on the auction house experts' personal judgments, suggests (ibid: 188).
- various locations, in particular between auction houses in New York, London and Paris
;Collectors, who are able to find an auction house taking their whole collection, may either be particularly lucky or may have been able to acquire a work of art, which thereafter appreciates in value.
Most studies (exceptions are Frey and Pommerehne 1989b and Landes 1999) disregard the high auction fees, which range from about 10 to 30 percent and sometimes even more when buying and selling, as well as insurance and other handling costs because they vary considerably between countries, periods, auction houses and individual transactions (e.g.
Louargand and McDaniel (1991) find, for example, that the estimated selling price ranges given by the auction houses are unbiased predictions of the hammer prices.
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