New York Magazine has a piece this week on the psychology of auction rooms, and the techniques that auctioneers use to increase the final price for works.  One approach draws on a collector’s sense of ownership, playing their willingness to bid off other bidders.  “Once you bid on artwork it’s yours,†says economist Don Thompson, “and now suddenly, the next bidder wants to take it from you.  Throughout the art auctions you’ll see them say things like ‘No regrets,’ ‘Last bid — are you sure?,’ ‘Are you back in?’ and ‘Don’t let him have it.â€
Read more at NY Mag
