Auctions: The Social Construction of Value [Paperback]

Charles W. Smith (Author)

Book Description

ISBN-10: 0520072014 | ISBN-13: 978-0520072015 | Publication Date: August 9, 1990

Long the preferred method of exchange for antiques and horseflesh, auctions are used today to sell everything from bestselling books to real estate, government bonds to abandoned automobiles. As sociologist Charles Smith reveals, the mechanical law of supply and demand rarely governs the auction process. Rather value is determined by a complex social process combining both the beliefs and actions of the auction participants and the assumptions and practices on the auction floor. Based on years of participation in and observation of different types of auctions and interviews with hundreds of auctioneers, Smith gives us not only a theoretical understanding of the auction process but the sights and sounds as well.

Editorial Reviews

From Library Journal

Smith goes to great lengths to illustrate his theory that auctions provide a convenient alternative pricing mechanism when it is otherwise difficult to establish prices or ownership. The result of his careful analysis of the auction process is a fascinating socioeconomic study that challenges conventional economic wisdom. Auctions usually have been thought to be a rational process; Smith shows that they are influenced by a multitude of variables, leading to often unpredictable outcomes. Some of the insights are intriguing; for example, stock exchanges are not considered to be auctions while wedding dowries can be construed to be a form of auction bidding. Recommended.
- Joseph Barth, U.S. Military Acad. Lib., West Point, N.Y.
Copyright 1989 Reed Business Information, Inc. --This text refers to an out of print or unavailable edition of this title.

From the Inside Flap

"From fish to fine art, this book covers the auction business in broad scope and fascinating detail. Must reading for everyone interested in the workings of the marketplace."--William J. Doyle, William Doyle Galleries

"Smith not only turns up many aspects of auctioneering which the ordinary person is likely to know little about, but also shows that auctions provide insights into many other more 'orthodox' forms of market transactions. "--Anthony Giddens, Cambridge University

"An informed and insightful analysis of the dynamics of the auction market; will be of immense interest to the interested amateur and seasoned professional alike."--Wendell Garrett, Editor, Antiques Magazine

"Auctions is a masterpiece of institutional analysis. The combination of thick description and lucid analysis in this book is superb. Erving Goffman would have liked it."--Lewis A. Coser, SUNY at Stony Brook

See all Editorial Reviews

Product Details

• Paperback: 237 pages
• Publisher: University of California Press (August 9, 1990)
• Language: English
• ISBN-10: 0520072014
• ISBN-13: 978-0520072015
• Product Dimensions: 8.8 x 5.9 x 0.6 inches
• Shipping Weight: 12 ounces (View shipping rates and policies)
• Amazon Best Sellers Rank: #1,033,599 in Books (See Top 100 in Books)

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