Framed
Text by Ashwin Rajagopalan
Just a few weeks ago, the Nobel Prize in Economics was awarded to two economists – Robert Wilson and Paul Milgrom – who have spent decades improving auction design and pioneering auction theory. Professor Milgrom found that auctioneers could increase their revenue if they shared more information with bidders.
Auction houses like the Hyderabad-based Cymmon’s Auctioneers LLP are offering more detailed descriptions both offline and online. We are already seeing a further acceleration in this trend as more auctions go online, a trend sparked by COVID-19 induced disruptions. And online bidders have to make more well-informed purchase decisions without the physical presence of an auctioneer in the “room”.
Amrita Shergil, Untitled, 13.5 X 9.5 inches,…