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The Internet has introduced new ways of conducting business. Online auction of nonperishable experience goods (NPEG) items, which are generally rare, expensive and durable and need to be experienced to be valued, is one area that is undergoing significant change. Online auction platforms are encouraging participants to interact publicly in a social media type comment format. This paper investigates how such public interactions impact the auction outcomes of NPEG.

Auction records of vintage automobiles sold between 2015 and 2023 on one of the biggest online auction platforms in the USA were collected. The dataset contains multiple variables per record such as winning bid price, number of comments by sellers and browsers and various details of the automobile, for example brand, vintage and mileage. Ordinary least squares was utilized to analyze close to 42,000 records in the dataset.

The paper found that comments in general are positively correlated with the winning bid; it also found that online buyers value browser comments higher than seller comments. Furthermore, the relationship between vintage and origin country and winning bid is enhanced by browser comments.

This research furthers theory on two fronts. Firstly, we analyze how auction outcomes are impacted when buyers, casual observers and sellers interact with each other publicly when the auction is ongoing. To the best of the author's knowledge, this is one of the first studies that delve into participant interactions in online ongoing auctions. Secondly, we investigate how potential buyers utilize participant interaction information to guide their decisions about the value of NPEG.

Art return indices are usually estimated based only on a few means of artistic expression (mainly paintings and drawings). Other forms of expression (e.g. sculptures and installations) are generally ignored, in part because they are three-dimensional and, hence, more difficult to measure. We analyze the price determinants as well as the return and risk of three artistic expressions (paintings, drawings and sculptures) executed by Fernando Botero, the most expensive living Latin American artist, to analyze the degree to which their risk and return attributes differ throughout a 20-year period.

We analyzed all paintings, drawings and sculptures executed by Botero and sold at Sotheby’s and Christie’s between 2000 and 2020 (a total of 707 artworks). The data and the images of each artwork were obtained from the web pages of these two auction houses. A hedonic regression was run to explain the price of each artwork and use explanatory variables that are standard in the literature. Art price indices for paintings, drawings and sculptures were constructed using the year-dummy variables estimated in the regressions. We performed a similar analysis for another artist, Carlos Cruz-Diez, as a robustness to our results.

The performance of Botero’s sculptures through time differs markedly from that of his paintings and drawings. Our results suggest that it is possible that returns estimated in the literature could suffer from a bias, as they have usually ignored the performance of sculptures and other artistic expressions. Botero’s paintings provided a return that was comparable to those of his sculptures (3.36% and 3.20%, respectively), they were two times as high as those of his drawings (1.68%). On the other hand, whereas paintings and drawings had similar annual standard deviations (26% and 25.22%, respectively), sculptures had a much smaller standard deviation (16.96%).

A limitation of the hedonic regression method lies in the need to have a significant and diverse sample to identify the true effect of each variable on the price of a good. Another limitation is that we were only able to use art prices from auctions, as this is the only comprehensive source of art price data that is publicly available. These two limitations are shared by all the studies that use the hedonic pricing model.

Our results have practical applications for art collectors and investors, as well as for artists, galleries and, in general, for the whole art market ecosystem. The risk and return attributes of the various artistic expressions of an artist can be different, and thus it makes sense to analyze each one of them individually, as well as their correlations with the other artistic expressions and with traditional and other alternative investments.

The art market is part of what is known as the “orange economy” (also known as the Creative Economy). According to the World Bank, the economic value of the creative sector is not well known or appreciated, even though cultural, creative and artistic activities are vital for our sense of well-being.

To the best of our knowledge, this is the first paper that compares the financial performance of paintings, drawings and sculptures for the case of a specific artist. We chose Botero for three reasons. First, he is a Latin American living artist who has achieved the highest levels of international sales. Second, Botero has worked extensively on various artistic expressions (oil paintings, drawings on different materials and sculptures) throughout his life, a characteristic that is essential to be able to carry out our study. Third, there is a long record of auction sales for each of Botero’s artistic expressions.

Los índices de rentabilidad del arte generalmente se estiman basándose únicamente en unos pocos medios de expresión artística (principalmente pinturas y dibujos). Otras formas de expresión artística (por ejemplo, esculturas e instalaciones) generalmente se ignoran, en parte porque son tridimensionales y, por tanto, más difíciles de medir. Analizamos los determinantes del precio, así como el retorno y el riesgo de tres expresiones artísticas (pinturas, dibujos y esculturas) ejecutadas por Fernando Botero, el artista latinoamericano vivo más caro, para analizar en qué medida sus atributos de riesgo y retorno difieren a lo largo del tiempo, en un período de 20 años.

Analizamos todas las pinturas, dibujos y esculturas ejecutadas por Botero y vendidas en Sotheby’s y Christie’s entre 2000 y 2020 (un total de 707 obras de arte). Los datos y las imágenes de cada obra se obtuvieron de las páginas web de estas dos casas de subastas. Se realizó una regresión hedonante para explicar el precio de cada obra de arte y se utilizaron variables explicativas estándar en la literatura. Los índices de precios de arte para pinturas, dibujos y esculturas se construyeron utilizando variables ficticias anuales estimadas en las regresiones. Realizamos un análisis similar para otro artista, Carlos Cruz-Diez, como análisis de robustez de nuestros resultados.

El desempeño de las esculturas de Botero a través del tiempo difiere marcadamente del de sus pinturas y dibujos. Nuestros resultados sugieren que es posible que los retornos estimados en la literatura sufran un sesgo, ya que generalmente han ignorado el desempeño de esculturas y otras expresiones artísticas. Las pinturas de Botero proporcionaron un retorno comparable al de sus esculturas (3.36% y 3.20%, respectivamente), pero fueron dos veces superiores a los de sus dibujos (1.68%). Por otro lado, mientras que las pinturas y los dibujos tuvieron desviaciones estándar anuales similares (26% y 25.22%, respectivamente), las esculturas tuvieron una desviación estándar mucho menor (16.96%).

Una limitación del método de regresión hedónica radica en la necesidad de contar con una muestra significativa y diversa para identificar el verdadero efecto de cada variable sobre el precio de un bien. Otra limitación consiste en que solo pudimos utilizar precios de arte de subastas, ya que esta es la única fuente completa de datos sobre precios de arte que está disponible públicamente. Estas dos limitaciones son compartidas por todos los estudios que utilizan el modelo de precios hedónico.

Nuestros resultados tienen aplicaciones prácticas para coleccionistas e inversores de arte, así como también para artistas, galerías y, en general, para todo el ecosistema del mercado del arte. Los atributos de riesgo y retorno de las diversas expresiones de un artista pueden ser diferentes, por lo que tiene sentido analizar cada una de ellas individualmente, así como sus correlaciones con las otras expresiones artísticas y con las inversiones tradicionales y otras alternativas.

El mercado del arte forma parte de lo que se conoce como “economía naranja” (también conocida como Economía Creativa). Según el Banco Mundial, el valor económico del sector creativo no es bien conocido ni apreciado, a pesar de que las actividades culturales, creativas y artísticas son vitales para nuestra sensación de bienestar.

Hasta donde hemos podido comprobar, este es el primer artículo que compara el desempeño financiero de pinturas, dibujos y esculturas para el caso de un artista específico. Elegimos a Botero por tres razones. En primer lugar, es el artista vivo latinoamericano que ha alcanzado los mayores niveles de ventas internacionales. En segundo lugar, Botero ha trabajado extensamente en diversas expresiones artísticas (óleos, dibujos sobre distintos materiales y esculturas) a lo largo de su vida, característica que resulta fundamental para poder realizar nuestro estudio. En tercer lugar, existe un largo historial de ventas en subasta de cada una de las expresiones artísticas de Botero.

Live-streaming e-commerce (LSE) allows anchors to bring offline promotion skills to interact with consumers and persuade them to buy. However, how consumers respond to these communications remains unknown. This study examines the persuasive effect of different scarcity marketing messages on impulsive buying in the LSE context.

This study adopts scenario-based experimental methods and conducts two 2 quantity-based scarcity (supply-framed vs demand-framed)*2 time-based scarcity appeals (high vs low) between-subjects experiments to test the hypotheses.

The results indicate that supply-framed appeals are more effective in provoking consumers’ arousal and impulsive buying, but are moderated by time scarcity. Furthermore, emotional arousal only mediates the effects of quantity-based scarcity appeals on impulsive buying under high-level time scarcity conditions.

This study contributes to the e-commerce literature by comparing the persuasive effect of different scarcity messages in the LSE context. We broaden the scarcity marketing literature by testing the combined effect of quantity-based and time-based scarcity appeals. Finally, this study extends the application of the competitive arousal model.

Public construction authorities need to evaluate the level of competition in the submitted bids for a certain project before awarding the contract. A lack of adequate competition is a reason for rejecting all bids and reissuing an invitation to bid for the project. This paper aims to present an analysis of the adequacy of competition in public construction projects.

The paper uses five competition indicators to correlate the level of competition effect obtained with the number of contractors competing for the project. The analysis is based on the bid opening results for 917 public construction projects in Jordan that include 6,309 bids, with an average number of 6.88 bids per project.

The results illustrate that there is an improvement in the competition effect over the five analyzed competition indicators as the number of bidders increases. However, the rate of improvement decreases with the increase in bidders. The empirical analysis performed does not support the proposition that an optimum number of bidders exists in competitive bidding for construction projects or the proposition that a higher number of bidders may lead to higher bid prices. However, the indicators developed in this study found that at least 5 bidders are recommended and after 8 bidders, the rate of improvement continues at much slower rate.

The current research presented a multifaceted method for assessing the minimum number of bidders needed to ensure a competitive bidding process. Moreover, the research used actual data from 917 public projects.

In developing countries, including achieving Kingdom of Saudi Arabia’s (KSA) Vision 2030, housing loans for low-income employees are challenging and may thwart housing-related sustainable development goals (SDGs). Studies investigating housing finance inaccessibility for KSA Vision 2030 low-income earners and its impact on achieving housing-related SDGs are scarce. Hence, this study aims to investigate KSA housing financial inaccessibility and its effect on housing-related SDGs. Also, it offered suggestions for achieving housing provision in Vision 2030 and, by extension, improving housing-related SDGs.

The study adopted a virtual interview approach and covered Alqassim, Riyadh and Medina. The researcher engaged 24 participants who were knowledgeable about KSA’s housing finance and SDGs. They include selected low-income earners, academicians, financial operators and government ministries/departments/agencies. The study manually analysed the collated data through a thematic approach and presented the main themes.

Findings reveal that KSA’s low-income earners’ housing finance inaccessibility threatens Vision 2030 and housing-related SDGs. Inadequate funding of the Real Estate Development Fund, inability to make down payment, absence of collateral, insufficient household income and failure to recover the loan and associated charges from the auction were perceived major issues contributing to low-income earners’ house-loan rejection and recommended measures to improve achieving housing-related SDGs.

The study investigated the factors contributing to low-income earners’ housing loan rejection and its impact on achieving KSA’s Vision 2030 and housing-related SDGs from the participants’ perspective. The findings reveal that low-income earners’ housing finance accessibility has been compounded by the slow recovery from the post-COVID-19 pandemic.

Valuers should independently assess market value. The purpose of this article is to analyze whether the valuation behavior remains independent when commissioned by publicly listed companies in Taiwan.

This study used both quantitative and qualitative methods. Quantitative data analysis was used to examine the estimated premium ratio and estimated divergent ratio with the independent sample t test and Wilcoxon-Mann-Whitney test. To complement and validate the quantitative analysis, open-ended questionnaires were conducted, providing additional insights into the research findings.

The results showed that there is a significant difference in estimated valuations commissioned by representatives of buyers and sellers, and the estimated premium ratios commissioned by representatives of buyers were higher than those of sellers. Furthermore, the open-ended questionnaires results indicate that these findings may be influenced by clients for less experienced appraisers. However, for senior appraisers, this is seen as an action to gain a better understanding of the valuation purpose and always within a reasonable price range. In addition, client influence is not a static factor; it may transform into the valuer's behavior as the appraiser's experience grows and deepens.

It is difficult to obtain valuation reports commissioned by representatives of both buyers and sellers for the same property transactions. In this study, data were obtained from the Market Observation Post-System (MOPS) in Taiwan. As valuation reports could not be obtained, estimated valuations and transaction prices are used to calculate estimated premium ratio and estimated divergent ratios.

Previous investigations of the client effect have been conducted using qualitative methods including questionnaire surveys, in-depth interviews and experimental design. However, these studies are subject to moral hazard. This study may be the first study that has access to data on valuations for both buyers and sellers in such a formal setting.

The purpose of this paper is to examine whether mandatory disclosure of information accompanying the sale of real estate achieves its aim of informed purchasers.

Using a case study approach focused on mandatory disclosure in South Australia data was collected from interviews and focus groups with key personnel in the property industry involved in the production of information required to fulfil vendors’ disclosure obligations.

The authors found that purchasers are ill-served by a long and complex form of mandatory disclosure with a short time frame that prevents the use of the information provided. Without good form design and increased digital affordances provided by the cadastral and conveyancing systems, mandatory disclosure is insufficient to ensure minimisation of information asymmetry between vendor and purchaser.

To the best of the authors’ knowledge, this is the first Australian qualitative study that examines the utility of mandatory vendor disclosure in real estate sales and the first to consider the impact of the digitalisation of cadastral and conveyancing systems upon the efficacy of mandatory disclosure regimes.

This chapter discusses the evolution of online trading, its application in various market structures, and its benefits and potential concerns. Computers were first used in electronic communication networks among brokers and dealers to make trades and for informational purposes. Online brokers became popular with retail investors as the internet spread. Online trading comes with various trading protocols and order types. It enables traders to automate trading decisions and process data more easily using charting tools and customized programs connected to the broker's infrastructure. Electronic trading allows for greater centralization but can also be accompanied by market fragmentation. Market regulation has affected market structure and is still evolving. Centralization allows for more competitive prices and reduces search costs. Decentralized markets could cope better with asymmetric information.

This paper aims to determine the implications of Covid-19 on the livelihood of marine fishermen. It gives a concrete picture of how vulnerable communities like marine fishermen are affected due to the lockdown policies. The paper examines these communities' present status and the extent of vulnerability during the post-Covid period.

The study uses an exploratory research design to find the solution to the research problem. 298 samples were collected and analysed within a sustainable livelihood theoretical framework. The scope of the study is limited to marine fishermen in Kerala, residing in six districts out of the nine coastal districts. The impact of the lockdown on income was analysed using paired t-test and results linked with the theory.

The study has done an empirical analysis for three periods: before lockdown, lockdown and after lockdown, to identify the impact of lockdown on marine fishermen. The study's significant findings are that these fishermen's livelihood is at risk during the post-lockdown period, and many families are moving into a “debt-trap”.

Policymakers can develop appropriate policy strategies to enhance the livelihood assets of vulnerable communities to include them in a sustainable framework.

Only a few studies are highlighting the impact of Covid-19 on vulnerable communities in India. The effects of climate change on the marine ecosystem are already endangering marine fisher folks' livelihoods. In this light, it is vital to study the extent of the impact of income shock on the livelihood assets of marine fishermen due to the lockdown policy implemented in the State to prevent the spread of Covid-19.

The peer review history for this article is available at: https://publons.com/publon/10.1108/IJSE-03-2023-0192