Auction Trade Research Articles

Five years of the ivory ban in China: Developments, limitations, and potential for improvement

Ivory bans are among the critical policy instruments used to strengthen regulation, reduce ivory trade, and ultimately aim to benefit elephant conservation. China imposed a comprehensive ban in 2018 to prohibit ivory importation for commercial purposes and domestic ivory sales with narrow exemptions. The ban has significantly changed China's ivory policy direction and substantially restricted the international and domestic trade of ivory in China. In this paper, we identify the development and limitations and potential for improvement. The ivory ban closed domestic sales and banned trophy ivory and pre-convention ivory imports. However, the sentencing exemptions, the exemptions for returning and auctioning ivory cultural relics, gifting ivory gifts and the unrestricted mammoth ivory trade, weaken the ivory policy and its conservation potential. Based on our analysis, we suggest that prosecution or penalties exemptions in ivory crimes may require further review to ensure regulatory deterrence effectiveness; ambiguous regulations for exempted ivory cultural relics need clear criteria for policy implementation; ivory gifting as allowed in the law requires explicit measures to prevent illegal exchange; the rising mammoth ivory markets may need regulatory management prevent ‘laundering’ elephant ivory. In conclusion, China's ivory control is promoted by the trade ban, yet the effectiveness of ivory policy still faces challenges in prosecution and penalty exemptions, import and auction trade exemptions, monitoring of gift giving and open mammoth ivory trade.

Intermediary liability and trade in follow-on innovation

Intellectual property rights have changed the market value and direction of artistic innovation throughout art history, in particular when new creations built on the art of predecessors. In this paper, we test how changes in legal frameworks and litigation risks affected market value and commercial trade around artistic reuses in the figurative arts and the ‘Appropriation Art’ movement in particular. Appropriation artists borrow images from different sources and incorporate them into new, derivative works of art. By doing so, they risk infringing copyright but also put auction trade and artwork availability at litigation risk as liability can extend to market intermediaries, such as auction houses, museums, or galleries. Using a differences-in-differences model and large-scale online data, we investigate the causal impact of the prominent Cariou v. Prince U.S. higher court decision on intermediary trade and the availability of artworks on sale in the Appropriation Art. As an exogenous shock, this decision changed the perceived litigation risk for market intermediaries around what constitutes fair use. Following the court decision, we find a temporary decline in the total number of global auctions in the Appropriation Art, a lower sales probability of these artworks, and a relocation of related auctions to non-U.S. houses.

«Lots of history». Turnover of Mayan terracotta (1st millennium AD) on the international markets for antiques

The article is devoted to the study of the movement of Mayan figurines on the international markets of antiques. A detailed description of the stages of the formation of the legislative framework related to the protection of historical and cultural heritage monuments at both the international and regional levels is given. This made it possible to identify chronological loci in which there was an active process of forming private collections of terracotta. The article represents the results of the analysis of auction data from 9 English- language and French auction houses. Possible ways of getting the figurines to auctions are analyzed in detail. A special place is given to the analysis of hammer prices. Various options for the movement of the figurines after the auctions are considered in detail. Conclusions are drawn about the number of put up for auctions and sold figurines, and the dynamics of their sales over the past twenty years, taking into account the percentage of sales relative to the total number of figurines put up for auction over the past four years. Using the example of Maya terracotta, some results are summed up about the role of auction trade in the field of introducing terracotta figurines into scientific circulation as a historical source.

(Mal-)practices of Auctioneering on the English Property Market During the 19th Century

Abstract In the 19th century, auctions became a widespread form of transaction for real estate in England. Contemporaries viewed auctioning as an effective method for the transaction of land, in terms of price determination and transparency. Contrary to these theoretical assumptions, the article shows that in practice it was not economic efficiency but group interests that played a decisive role in the establishment of the auction mechanism. The article provides an analysis of the formal and informal rules of the auction trade for real estate and argues that 19th century real estate auctions did not always lead to optimal results in terms of valuation and allocation because power structures played a greater role in them than auction theory assumes.

АУКЦІОННА ТОРГІВЛЯ ДЕРЖАВНИМ І КОРПОРАТИВНИМ БОРГОМ В УМОВАХ КРИЗИ

Анотація. Аукціонна торгівля борговими зобов’язаннями найчастіше використовується в умовах розгортання кризових явищ. Ринок облігацій, державний борг і борг приватних структур виступають як об’єкти емпіричних і науково-прикладних досліджень. Метою нашої наукової роботи є визначення особливостей аукціонної торгівлі і державної боргової політики в умовах кризових ситуацій на основі узагальнення закордонного і вітчизняного досвіду, дослідження процесів вибору форматів аукціонної торгівлі борговими зобов’язаннями на вторинному ринку цінних паперів (ЦП) та управління факторами для усунення викривленості такої торгівлі на фінансових ринках, що сприятиме економічному зростанню. Визначено, що в певному інституційному середовищі розвитку вторинного ринку ЦП, де потенційними покупцями боргових ЦП є інвестиційні організації і банки, у т. ч. іноземні, сучасна практика аукціонної торгівлі і нові формати її проведення супроводжуються встановленням нових правил торгів, зростаючим значенням приватної цінності об’єкта й інформаційного супроводу аукціону. В умовах цифровізації економіки і формалізації взаємопов’язаних процесів і трансакцій на фінансових ринках адекватним має бути механізм аукціонної торгівлі. Доведено, що механізм удосконалення практики аукціонної торгівлі і розширення масштабів упровадження нових форматів її проведення неможливі без узгодження інтересів інвесторів, емітентів і різних зацікавлених сторін для усунення викривленості аукціонних торгів борговими зобов’язаннями на фінансових ринках. Виявлено значні відхилення в темпах росту ВВП і державних боргів, зокрема в Польщі, Японії і в Україні, що пояснюються рівнем довіри до держави і спеціалізованих інституцій з управління боргами, цільовою орієнтацією довгострокової економічної стратегії і монетарної політики в умовах кризових ситуацій, зокрема у країнах ЄС і в Україні. Визначено напрями подальших науково-прикладних досліджень для цілей підвищення гнучкості системи аукціонних торгів борговими зобов’язаннями в умовах кризи і посилення їхнього позитивного впливу на економічне зростання. Ключові слова: аукціонна торгівля, криза економіки, боргові цінні папери, державний борг, вторинний ринок, інвестор, фінансовий ринок, економічне зростання Формул: 0; рис.: 5; табл.: 0; бібл.: 28.

Ґенеза розвитку правового забезпечення аукціонної торгівлі

У статті проаналізовано поняття «аукціонна торгівля», досліджено історичні аспекти становлення аукціонної торгівлі, загальний розвиток механізму організації та проведення аукціонів із виділенням основних етапів, визначено основні центри, де проводилися аукціони, досліджено сучасні світові тенденції, що відповідають рівню розвитку міжнародних аукціонів, а також визначено ряд проблем, які виникали у ході розвитку аукціонної торгівлі.

МОДЕЛЬ КООПЕРАТИВНОЙ АУКЦИОННОЙ ТОРГОВЛИ СЕЛЬСКОХОЗЯЙСТВЕННОЙ ПРОДУКЦИЕЙ И ПРОДОВОЛЬСТВИЕМ

МОДЕЛЬ КООПЕРАТИВНОЙ АУКЦИОННОЙ ТОРГОВЛИ СЕЛЬСКОХОЗЯЙСТВЕННОЙ ПРОДУКЦИЕЙ И ПРОДОВОЛЬСТВИЕМ

Концепция электронной торговой площадки в управлении устойчивым развитием предприятий переработки шерсти

The relevance of the research is that in Russia there is a problem of underdevelopment of the system of purchasing wool and its processed products at all levels of the value chain. The purpose of the research is to develop a concept for creating a specialized electronic trading platform that allows organizing inter-industry interaction in the field of wool processing based on the principles of auction trade, excluding unnecessary intermediary links. The paper proposes the creation of a specialized electronic trading platform (exchange), specializing in the purchase and sale of wool and its products by analogy with the world’s leading (Australian, New Zealand and Chinese-countries that are world leaders in the production and processing of wool) wool exchanges. The differences between the author’s recommendations and those that are known and tested in the world practice are that the key participant of the exchange is the state national wool certification body, which creates the main condition for exchange trading — high-quality classification and batch standardization of wool. An electronic exchange that includes trading, settlement (guarantee) and payment systems must be an official trading platform licensed by the state as a professional Institute of the financial market; its main task is to facilitate market transactions between buyers and sellers of wool by overcoming information asymmetry for the parties to transactions. The difference between the proposed concept is that digital technologies and tools are used in exchange trading of wool: QR-coding of wool batches, the use of smart contracts, distributed registries (blockchain). The novelty of the research lies in the fact that for the first time in the Russian market, the concept of organizing electronic exchange trade in wool using innovative digital technologies and tools (QR-coding, smart contracts, blockchain), where, along with buyers-processors of wool and sellers — producers of wool, there is a mandatory participant — the state national certification body, which organizes the certification process of exchange batches of wool. In practical terms, the author’s proposals allow us to: streamline the domestic wool market; organize certified wool trade both in accordance with the best world practices and in accordance with m

Co-simulation of electricity distribution networks and peer to peer energy trading platforms

There has been significant recent interest in local electricity trading platforms, and particularly in the application of distributed ledger and blockchain technology for distributed, or peer-to-peer energy trading in local energy communities. Several projects worldwide have demonstrated this concept on a small scale in Low Voltage (LV) distribution networks and microgrids. However, previous work in this area has not sufficiently addressed the potential impacts of peer-to-peer energy trading and other local electricity trading mechanisms on the control, operation and planning of the electricity distribution networks. Accordingly, this paper presents a methodology for the co-simulation of power distribution networks and local peer-to-peer energy trading platforms. The distribution system simulator is interfaced with a peer-to-peer energy trading platform, which employs a blockchain-based distributed double auction trade mechanism. The presented co-simulation approach is demonstrated using a case study of typical European suburban distribution network. It is demonstrated in the paper that this approach can be used to analyse the impacts of peer-to-peer energy trading on network operational performance. The analysis presented in the paper suggests that a moderate level of peer-to-peer trading does not have significant impacts on network operational performance.

The Benefits of European Periodic Auctions beyond MiFID Dark Trading Caps

Initially designed as a better alternative than dark trading, the success of periodic auctions has spread across all European stocks. On capped stocks, the market share of periodic auctions rose from 1 to 4.5 percent between early March and September 2018. Nevertheless, on uncapped stocks, periodic auctions doubled in popularity from 0.75 to 1.5 percent over the same period. The random auction end time prevents adverse selection, as shown by the price reversion. In lit and dark trading, passive buy trades are followed by a strong drop in midpoint due to the aggressive sellers. In contrast, periodic auction trades show almost no sign of adverse selection. This feature derives from the random end time of the auction, which creates a level playing field for all market participants. Based on Kepler Cheuvreux trades, this study shows that periodic auction participation mitigates the market impact. In addition, using public market data, this study shows that, on average, trading intensity diminishes after a periodic auction trade while it increases after a dark trade. TOPICS:Exchanges/markets/clearinghouses, security analysis and valuation, developed markets, performance measurement

Inadequate supply and increasing demand for textiles and clothing: second‐hand trade at auctions as an alternative source of consumer goods in Sweden, 1830–1900

AbstractDrawing on a study of historical national accounts and statistics, this article shows that a growing supply of mass‐consumption textiles and clothing in Sweden during industrialization did not fully meet increasing demand. As a result, high demand for second‐hand items remained even at the turn of the twentieth century. Records from a local auction house from 1830 to 1900 show that, even in the 1880s, more affluent urban consumers were still active on the second‐hand market. Thereafter, they turned to the market for new goods, while potential demand from labourers and servants continued to be provided for by the second‐hand market. Mechanization meant that more items entered this market. It changed the range and quality of objects available, consequently affecting the attractiveness of second‐hand textiles and clothing. After the 1870s, falling and converging prices can be discerned, while more durable fabrics largely retained their value. We conclude that the consumer revolution (in a broader sense) had by this stage gained a foothold among ordinary Swedish urban households. The auction trade was part of a democratization of consumption. The general lesson is that understanding mass consumption requires research not only into second‐hand consumption, but also into different regional settings.

The auction trade in Russia

Auction trading is a form of market relations, it is a specially organized operating market in which transactions of purchase and sale are carried out by price competition between buyers. The auction is an open auction of various valuable items: collectible and antique items, precious products, coffee, tea, fur, other raw materials and various finished goods.Conclusion auction trade to a new level contributed to the rapid development of the Internet. Every year the number of online auctions and the number of their participants is growing. Online auctions are one of the most important and promising business models in the world economy. The importance of online auctions is determined by the fact that they are a cost-effective tool in the modern mechanism of market economy, and their implementation contributes to a significant increase in the effectiveness of foreign economic activity of enterprises, the formation of conditions for the development of modern infrastructure of foreign trade.To date, the share of online auctions in the turnover of e-Commerce is up to 25% in theUSand up to 40% inGermany. Despite the fact that the auction is widespread in the world, inRussiatheir conduct for a long time was extremely limited. The reform of the Russian economy has caused the rapid development of auction activities in all its forms.

Značaj aukcija za trgovinu agroindustrijskim proizvodima

The aim of this paper is research of the importance of auctions for wholesale of agro-industry products. Based on theoretical and scientific knowledge, the result that would encourage auction trade is demanded. The basic goal is, through the analysis of auction importance for trade, to affirm information and conclusions that may show that wholesale markets are appropriate place for auction trade in agro-industry. Therefore, the aim is to achieve expected result on the market, by auction trade, etc. by bid based on and equivalent to expected incomes. However, auctions are classical example of trade with mutual depended valuations, so theoretical and empirical researches tend to achieve the effect of efficiency and maximum revenue.

Efekti investicije - maksimalne cene u aukcijskoj trgovini

Efekti investicije - maksimalne cene u aukcijskoj trgovini

A Congestion-Aware Node Cooperation Mechanism based on Double Auction for Opportunistic Networks

In opportunistic networks, selfish nodes will refuse to forward messages for others to save their precious resources such as bandwidth, buffer and energy, and the system performance will degrade significantly. Therefore, it is necessary to motivate the selfish nodes to cooperatively forward messages. However, current cooperation mechanisms for opportunistic networks mainly focus on encouraging nodes to participate in message forwarding, but fail to consider the node congestion problem. When many messages are forwarded to the nodes with high connection degree, these nodes will become congested and discard most messages, which will seriously degrade the routing performance. To stimulate the selfish nodes with limited buffer to cooperatively forward messages, this paper proposes a congestion-aware node cooperation mechanism based on double auction, called CANCMDA. In CANCMDA, nodes first determine the self congestion degree according to current free buffer and message receiving speed. Then, combining message delivery probability and congestion degree, nodes trade messages based on double auction model. The double auction trade process is a bayesian game, and nodes get the optimal bid by solving the bayesian equilibrium to trade messages. The experimental results show that CANCMDA can effectively stimulate selfish nodes to cooperatively forward messages when congested, and achieves higher message delivery ratio with lower overhead ratio, compared with other mechanisms.

The Ring and the Books

Do you see this ring? ~Robert Browning, The Ring and the Book (1868) Thou shalt not ever bid on anything When it’s so lucrative to form a ring. ~Ian Jackson, An Antiquarian ABC (1998) In the auction trade, a “ring” refers to a group of buyers who collude before a sale to keep prices down by agreeing not to compete against one another. When the sale is over, all of the items that have been “ringed” are then reauctioned (the “knockout”) among the members of the ring in a private setting, and each more or less gets what he or . . .

Going, going, gone: art auction catalogues from 19th-century Canada

The art auction trade flourished in Canada as the 19th century progressed, pitting local artists against importers of European art; yet today there are relatively few preserved catalogues to show for all this activity. The National Gallery of Canada Library has been documenting the survivors, creating records in the SCIPIO database and arranging for microfilming. Individual lots have also been indexed (some of the idiosyncracies of auction catalogue entries are described below) and a Library Occasional Paper is to be published with a bibliographical listing and historical essay on the art auction in 19th-century Canada.

The rise of agricultural auctioneering in eighteenth- and nineteenth-century Britain

Although the auctioneer has an accepted and crucial role in present-day agriculture, little is known of how this developed. The study uncovers evidence of the emergent auctioneering trade in the second half of the eighteenth century, indicating that those who were most active as general auctioneers included some casualties of urban business life. It is suggested that the tarnished image of the early auction trade may have appealed to those in rural society who were concurrently being denied traditional recreations and festivities. The paper concludes by suggesting that if the farm dispersal sale was widely construed as entertainment, then this would enhance its economic appeal.