btp 13-2015 (march)

Transmission

13-2015

Auction Theory

uploaded at 3.15 pm monday 30th march 2015

"The word "auction" is derived from the Latin augeo which means "I augment".

For most of history, auctions have been a relatively uncommon way to negotiatethe exchange of goods and commodities before the seventeenth century...

Nonetheless, auctions have a long history, having been recorded as early as 500B.C. According to Herodotus, in Babylon, auctions of women for marriage wereheld annually. The auctions began with the woman the auctioneer considered tobe the most beautiful and progressed to the least. It was considered illegal to allowa daughter to be sold outside of the auction method.

During the Roman Empire, following military victory, Roman soldiers would oftendrive a spear into the ground around which the spoils of war were left, to beauctioned off. Later, slaves, often captured as the "spoils of war", were auctionedin the forum under the sign of the spear, with the proceeds of sale going towardsthe war effort. The Romans also used auctions to liquidate the assets of debtorswhose property had been confiscated. For example, Marcus Aurelius soldhousehold furniture to pay off debts, the sales lasting for months.

A significant auction occurred in Rome on March 23, 193 A.D. The PraetorianGuard first killed emperor Pertinax, then offered the Empire to the highest bidder.Didius Julianus outbid Sulpicianus for the price of 25,000 sesterces per guard (orten years worth of wages)... Upon his accession, Julianus immediately devaluedthe Roman currency... " (from Wikipedia).

Contents of transmission number 13-2015 :

A number of albumen and silver prints with auction theory allusions

Auction theory digest (from Wikipedia online articles, bilingual)

The covers you have missed

n°110

Number Thirteen of the weekly bulletin has been uploaded on monday, 30th March at 15:15 (Paris time).

French captions are printed in black.

This transmission is dedicated to auction theory topics and theorems.Ce bulletin suit un fil rouge : les différents systèmes d'enchères.

All the bulletins are available on our site: www.photoceros.com / BTP

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Rhinoceros & CieStudios Robespierre71 rue Robespierre 93100 Montreuil

103

Semaine 13 : 30 mars - 5 avril 2015

Eugène Disdéri (1819-1889)Henri Rochefort, a journalist in exileParis, c. 1868

Albumen carte-de-visite , Disderi printed name on mount.

Victor Henri Rochefort, Marquis de Rochefort-Luçay (1831-1913) was aFrench politician. His father was legitimist but his mother's views wererepublican. After experience as a medical student, a clerk at the Hôtel deVille in Paris, a playwright and a journalist, he joined the staff of Le Figaro in1863; but a series of his articles brought the paper into collision with theauthorities and caused the termination of his engagement.

On leaving Le Figaro Rochefort determined to start a paper of his own, LaLanterne. The paper was seized on its eleventh appearance, and in August1868, Rochefort was fined 10,000 francs, with a year's imprisonment.

He then published his paper in Brussels, whenceit was smuggled into France. Printed in French,English, Spanish, Italian and German, it went theround of Europe. After a second prosecution hefled to Belgium...

A series of duels, of which the most famous wasone fought with Paul de Cassagnac à propos ofan article on Joan of Arc, kept Rochefort in thepublic eye.”

150 euros

Week 13 : March 30-april 5, 2015

Ce portrait peu commun révèle un léger strabisme

104


Georges Révoil (1852-1894)On the way to Cape GuardafuiGulf of Aden, 1878

Vintage albumen, 120x160 mm, original mount with ashort caption in pencil by the explorer : “Alleyah”.

Rare example of one of the first photographs taken inSomalia, with an evocation of the most mysterious yearsof the life of French poet Arthur Rimbaud in Aden andpossibly Somalia.

“My dad…was an employee of Father Suel, owner ofthe Suel Hotel who needed hands to send a smallexpedition to loot the wreck in Cape Gardafui where aship was stranded. They were three or four I think,sitting on chairs every evening on one of the sides at theentrance of the hotel, as I was on the other side withfriends. There was an Arthur Rimbaud among them andI always thought it was the poet. If I ever reach theexplorer George Révoil I'll be able tell you what I don'ttell you here - or what's different.” Jacques Desse,Rimbaud pilleur d’épaves ? “À propos de deux lettres[d’Émile Deschamps] conservées par le musée-bibliothèque Arthur Rimbaud”, Revue des DeuxMondes, septembre 2012. "Alloùla and Bender Ziyâda are the only two cities where there are stone constructions"(“Alloùla et

Bender Ziyâda sont les deux seules villes, où il y ait des constructions en pierre” (Georges Révoil,Voyage au Cap des Aromates, p. 181).1.200 euros


105

Semaine 13 : 30 mars - 5 avril 2015 Week 13 : March 30-april 5, 2015

Georges Révoil (1852-1894)Las Khorey FortWarsangali Sultanate, 1878

Vintage albumen, 120x160 mm, original mount with a shortcaption in pencil by the explorator : “Las Goree, le fortMohammed Abdi où je logeais”, spots, strong contrast.

A nice example of one of the first photographs in Somalia.

“After nightfall, we see Râs Orbé (en çomali Dourboh), asmall stronghold and village in the west before BenderMerâya. The high mountains circling Râs Orbé are coveredwith vegetation, sharp peaks a few hundred feet high, theyform a small creek in the center of which stand thestronghold and the dwellings” (Georges Révoil, Voyage auCap des Aromates (Afrique orientale), 1877-1878, Paris,1880, p. 8).

“I still see these huge mountains, the corbels of the towers made from adobe draw the ridges likea dark line” (“Je revois encore ces grandes montagnes, ces tours en pisé dont les corbeauxdessinent les faîtes comme une ligne noire” (G. Révoil, Voyage au Cap des Aromates, p. 123).

3.000 euros

106


Georges Buffotot (Studio in Sevres)Quartermaster LebrizBrazzaville, 1885-(1925)

Silver print, 171x115 mm, printed in 1925, stamped at verso, from amysterious negative brought back from Congo in the mid 1880’s, andcaptioned later by an eye-witness (the priest of the expedition ?) : “LeQuartier-maître Lebriz, premier Européen décédé et inhumé à Brazzavilleen juillet 1885, probablement le 9 — c’était un lundi”.

A rare portrait of the worker who built the first houses and streets ofBrazzaville : “The city was founded by an Italo-French explorer, PierreSavorgnan de Brazza, after whom the city was named. French control overthe area was made official by the Berlin Conference of 1884.”

The final location of Brazzaville is chosen on may 1884. After leaving theking Makoko, Brazza and his companions settle on a plain thirty metersabove the Congo. It must be built: " we got organized in a hurry: brushingwith machete, clearing the view, creation of necessary pathways, searchingfor construction material in the forest. We'll live a long time under canopiesor makeshift tarpaulins.” (Charles de Chavannes). on the 30th september1884, the first wwoden house is finished. The quartermaster is theconstructor of the first houses in Brazzaville.

400 euros


107


French Press AgencyTrotsky and fourteen SPb Soviet members Enroute for Siberia, winter 1906-(1925)

Silver press tinted print, 1920’s reproduction, 140x105 mm, captioned.

Early reproduction of an untraced original, showing in fact a full mountedpop print on a decorated board. Circumstances of the photography sessionhardly survived. Indeed, “The chance of factual truth surviving the onslaughtof power are very slim indeed, it is always in danger of being manœuveredout of the world not only for a time, but potentially forever... [Photographicprints as] Facts and events are infinitely more fragiles things than axioms,discoveries, theories..." (Hannah Arendt, Truth and Politics).

Auction theory : the linkage principle, “the linkage principle is a findingwhich states that auction houses have an incentive to pre-commit torevealing all available information about each lot, positive or negative”.

400 euros


“More than fifty members of the St Petersburg Soviet were arrested after the failureof the Russian Revolution of 1905 and kept in prison for months without trial...Trotsky had been the principal spokesman. Now in his late twenties, he quite likedincarceration, or said he did, because it gave him time to himself to read and think.His wife Natalia visited him, he was given practically all the books he asked for, hiswritings were smuggled to the outside world in his lawyer’s briefcase... The trial oncharges of armed insurrection began at last in October 1906. Held in open court,it attracted much attention and Trotsky seized the opportunity to tell the court thatthe ‘working masses’ had every reason to rebel, that the government’s programmefor reform of the system was a shame and that the government was responsible forthe bloodshed. The court let most of the defendants go, but Trotsky and fourteenothers were sentenced to exile for life”.(CF. Richard Cavendish, History Today).

108


Soviet PhotographerChess TournamentMoscow, c. 1930

Vintage silver print, 240x180 mm, stamps and agency captions at verso

An interesting composition for an interesting competition.

Auction theory : Auction model, “A game-theoretic auction model is amathematical game represented by a set of players. When it is necessary tomake explicit assumptions about bidders' value distributions, most of thepublished research assumes symmetric bidders. This means that theprobability distribution from which the bidders obtain their values (orsignals) is identical across bidders. In a private values model which assumesindependence, symmetry implies that the bidders' values are independentlyand identically distributed.”

1.200 euros


109


Circle of Richard Archbold (1907-1976) Idenburg River CrocodileDutch New Guinea (Papua), january 1937

Vintage silver print, 210x255 mm, dated “37/1/5” andcaptioned in pencil.

“The Taritatu River is a river in the northern part of theIndonesian province of Papua. During the Dutchcolonial era, it was known as the Idenburg River.Eventually, it meets the Tariku River, and at thisconfluence the two rivers become the MamberamoRiver, one of the largest rivers on New Guinea”.

An early Papua modernist image ?

Cf. Research Library of the American Museum ofNatural History (AMNH).

Auction theory : Buyer’s Remorse. The phenomenon ofbuyer’s remorse has been generally associated with thepsychological theory of cognitive dissonance, a state ofpsychological discomfort when at least two elements ofcognition are in opposition, and which motivates theperson to appease it by changing how they think aboutthe situation.

300 euros


110


Gordon Coster (1906-1988)Advertising Studio LabChicago, 1940’s

Vintage silver print, 200x250 mm, stamped, mintcondition

Auction : Sotheby’s sold in New York on december 2014another photograph by this artist (“Bicycle Racer”) forthe sum of 16,250 USD (Hammer Price with Buyer'sPremium) with the comment : “This dynamic image,which so captures the speed and excitement of trackcycling, was made by multi-faceted photographerGordon Coster. Like many of his generation, Costerbegan his career working in the Pictorial mode, and hisphotographs were frequently exhibited in the CameraClub salons of the 1920s. In the late 1920s, he workedfor the Underwood & Underwood agency in New York.He settled in Chicago in the 1930s and worked there asa photojournalist for LIFE, while also contributing imagesto Fortune, Time, Scientific American, and othermagazines. He was asked by László Moholy-Nagy toteach at Chicago’s famed Institute of Design in 1946,and he taught there periodically through 1960, wherehis primary focus was upon social documentary.”

Auction theory : Under conditions of perfect information, game theory shows that the expectedincome of the seller is an increasing function of the number of bidders. — Too big to fail again ?1.500 euros


111


Emile Crevaux (Industrial photographer)

A Visual Catalogue of Toolboxes

Courbevoie, c. 1937-1939

9 silver prints, 180x240 mm, mounted and captioned; very decorativeunique set for the maquette of a catalogue for Saint-Chamond-Granatfactory, in Courbevoie.

Auction Theory : SOB, Suggested Opening Bid : There will usually be anestimate of what price the lot will fetch. In an ascending open auction it isconsidered important to get at least a 50-percent increase in the bids fromstart to finish. To accomplish this, the auctioneer must start the auction byannouncing a SOB that is low enough to be immediately accepted by oneof the bidders. Once there is an opening bid, there will quickly be severalother bids submitted.

Experienced auctioneers will oftenselect a SOB that is about 45 percentof the (lowest) estimate. Thus thereis a certain margin of safety to ensurethat there will indeed be a livelyauction with many bids submitted.Several observations indicate thatthe lower the SOB, the higher thefinal winning bid. This is due to theincrease in the number of biddersattracted by the low SOB”.

(9 prints) 450 euros


112


Californian PhotoCalifornia First Oil RafineryNewhall, 1954

Vintage Silver print, 180x240 mm, captionand date stamp at verso.

Where Oil replaced Gold. “Unlike thecompetition to "The First California GoldDiscovery," to which Northern Californialaid vociferous and popular claim until theearly 1930s, Newhall's position in theWestern development of the oil industry hasalways been fully recognized. HereCalifornia's oil industry was born, exactly inWell No. 4, Pico Canyon Oilfield, locatedabout seven miles west of Newhall, in theSanta Susana Mountains, the first successfuloil well in the Western United States.

Drilled in 1876, it turned nearby Newhallinto a boomtown and also spawned asmaller boomtown called Mentryvilleadjacent to the drilling site. Well No. 4continued in operation for 114 years until itwas capped in 1990 and the Mentryvilleghost town is now open to the public as ahistoric park.”

Auction theory : Although less publicly visible than antiques, economically important are the oilfields auctions.

300 euros


113


Circle of Paris TheatersA Mise en abyme photographic kitParis, circa 1900

The kit consist of :

1. The actress portrait, with an actor, silver print, c.1900 in a gilded frame2. Her original 18th century style gown consisting of two pieces, a silk skirtwith an attached bodice, sewn in the 1890’s and present in the photograph.

The name of the actress could be traced with patience.

"The Auctioneer" is a 1956 country song by Leroy Van Dyke. The song talksof a young Arkansas boy who would skip school and visit a local auctionbarn. Becoming mesmerized by the auction chant, he decides he wants tobe an auctioneer, regularly practicing the chant behind the family barn.

Though his parents are initially unhappy withhis career choice, eventually they relent, but(not wanting their family name to be ruinedby poor auctioneering skill) they send him toauction school to properly learn the trade.

He returns home a full-fledged auctioneer.Over time, he becomes "the best in all theland", having so much business that he endsup buying "a plane to get around".

Gown + framed portrait : 450 euros


Les différents systèmes d’enchères

N°1. Enchères à un tour sous pli cacheté

Aussi appelées enchères scellées au premier prix. Chaque enchérisseurremet une enchère sous enveloppe ou électroniquement au commissaire-priseur qui examine toutes les offres. L’objet est attribué au plus offrant, quipaie son montant proposé.

Procédé classique utilisé lors des appels d'offre pour les marchés publicsentre autres ou encore pour les droits minéraux et de forage dans les terrainsde l'État.

N°2. Enchères au second prix sous pli cacheté (Vickrey)

À partir de la même procédure, l’objet est adjugé au plus offrant, qui paiele prix offert par le deuxième meilleur enchérisseur. Ce système conduit lesacteurs à proposer leur juste prix pour l'objet en jeu.

Procédé utilisé pour la vente de timbres de collection depuis le XIXe siècle,et par Google dans la vente de ses espaces publicitaires.

N°3. Enchère ascendante ou enchère anglaise

La plus populaire et la plus commune à tous : le commissaire-priseurcommence avec un prix de départ, chaque intéressé offre dès lorssuccessivement un prix plus élevé, tout en respectant une surenchèreminimum (aussi appelé incrément minimal). Le bien est attribué au candidatle plus offrant. L’enchère à la bougie consiste à fixer un temps limite pourformuler les offres : quand la bougie s’éteint, les enchères sont terminées.

Procédé courant dans les salles de ventes.

Auction Theory

N°1. First-price sealed-bid auctions

Or Blind auctions. Auctions in which bidders place their bid in a sealedenvelope and simultaneously hand them to the auctioneer. The envelopesare opened and the individual with the highest bid wins, paying the amountbid.

These auctions are commonly called tendering for procurement bycompanies and organisations, particularly for government contracts andauctions for mining leases.

N°2. Sealed-bid second-price auction (Vickey auction)

Identical to the sealed first-price auction except that the winning bidderpays the second-highest bid rather than his or her own.

Although extremely important in auction theory, in practice Vickrey auctionsare rarely used in non-automated contexts as the proxy bidding system usedby the Internet auction site eBay.

N°3. English auction

Also known as an open ascending price auction. This type of auction isarguably the most common form of auction in use toda. An auctioneer mayannounce prices, bidders may call out their bids themselves or bids may besubmitted electronically with the highest current bid publicly displayed andthe highest bidder pays his bid.

Commonly used for selling goods, most prominently antiques and artwork.

Auction TheoryLes différents systèmes d’enchères

Variante 3b : Enchère ascendante japonaise

Le commissaire-priseur commence avec un prix de départ, chaque intéresséoffre successivement un prix plus élevé. Le bien est attribué au candidat “leplus offrant” à un prix de cession égal à l'offre la plus élevée parmi cellesdes candidats éliminés, appelé “deuxième prix”. Système stratégiquementanalogue à celui d'une enchère fermée au second prix.

Procédé courant dans les salles de ventes japonaises.

N°4. Enchère descendante hollandaise

Le commissaire priseur annonce un prix de départ supérieur a priori à l'offremaximale de tous les candidats, puis l’abaisse par étapes, jusqu'à ce qu'uncandidat se déclare preneur (les offres des autres candidats restent, danscette procédure, inconnues). Stratégiquement équivalente à l'enchèrefermée au premier prix étant donné qu'un enchérisseur se fondera sur sonévaluation initiale du montant auquel il désire faire l'acquisition pourremettre son offre.

Ce procédé très rapide est utilisé pour la vente de denrées périssables,comme, par exemple, aux Pays-Bas pour la vente des fromages et des fleurscoupées et au Japon sur les marchés au poisson. En France aussi pour latraditionnelle vente au cadran : les prix décroissent toutes les heures.

Théorie : Enchère “All Pay”

L'ensemble des compétiteurs doivent payer leur offre mais seul leparticipant ayant remis la meilleure offre remporte l'enchère. Cela permetde considérer les loteries comme des enchères en théorie des jeux.

Variation 3b : Japanese auction

An auctioneer may announce prices, bidders may call out their bidsthemselves. But when the bidding starts no new bidders can join, and eachbidder must continue to bid each round or drop out. It has similarities tothe ante in Poker. The winner pays the second best offer. Similiraty with thesealed-bid second price auction strategy.

In use only in Japan.

N°4. Dutch auction

Also known as an open descending price auction. the auctioneer beginswith a high asking price for some quantity of like items; the price is lowereduntil a participant is willing to accept the auctioneer's price for somequantity of the goods in the lot. If the first bidder does not purchase theentire lot, the auctioneer continues lowering the price until all of the itemshave been bid for or the reserve price is reached. Items are allocated basedon bid order; the highest bidder selects their item(s) first followed by thesecond highest bidder, etc...

Dutch auctions, named for the best known example, the Dutch tulipauctions, have also been used for perishable commodities such as fish andtobacco.

Theory : All Pay auction

All bidders must pay their bids regardless of whether they win. The highestbidder wins the item. Primarily of academic interest, and may be used tomodel lobbying or bribery or competitions such as a running race.


Système optimal en théorie des jeux

William Vickrey a analysé les propriétés de l’enchère au second prix dite«enchère de Vickrey», dans laquelle le «gagnant», émetteur de l’offre la plusélevée, paye le prix correspondant à la seconde meilleure offre.

Le résultat de son célèbre travail a été repris et discuté par nombre de sessuccesseurs. Selon William Vickrey, quoi que fassent les autres «joueurs»,un enchérisseur a toujours intérêt à émettre une offre d’un montant égal àson évaluation réelle de l’objet.

En effet, offrir un prix inférieur à sa disposition à payer diminue les chancesqu’a l’enchérisseur de remporter les enchères sans accroître le gain qu’ilréaliserait en cas de victoire (puisque le prix payé est indépendant du prixannoncé). Inversement, annoncer un prix supérieur à son évaluation privéeaccroît la probabilité de victoire mais expose l’enchérisseur à payer plusqu’il n’est disposé à le faire («acheter à perte»). Ainsi, «dire la vérité» estune stratégie strictement dominante, c’est-à-dire une stratégie qui offre àl’enchérisseur des gains supérieurs aux autres stratégies, quel que soit lecomportement adopté par les autres «joueurs».

Cela correspond au sytème d’enchère N°2 : vente sur offre sous pli cachetéau second prix, ainsi qu’au système d’enchère ascendante, N°3 et N°3b,effectué de manière transparente et non faussé.

L’apport récent de la théorie des jeux dans les mécanismes d’enchères adonné naissance à un des théorèmes les plus importants de la théorie desenchères, le “Théorème d’équivalence des revenus”.

Game Theory and Auctions

Generally, the players are the buyer(s) and the seller. In the first model,Vickrey considers two buyers bidding for a single item. Vickrey showed thatin the sealed first-price auction it is an equilibrium bidding strategy for eachbidder to bid half his valuation.

When it is necessary to make explicit assumptions about bidders' valuedistributions, most of the published research assumes symmetric bidders.This means that the probability distribution from which the bidders obtaintheir values (or signals) is identical across bidders. In a private values modelwhich assumes independence, symmetry implies that the bidders' valuesare independently and identically distributed, a very strong and theoricalassumption, indeed.

Revenue equivalence of the open ascending price (or English) auction andsealed first price (or high-bid) auction.

In the open ascending price auction a buyer’s dominant strategy is toremain in the auction until the asking price is equal to his value.

One of the major findings of auction theory is the celebrated revenueequivalence theorem.

Early equivalence results focused on a comparison of revenue in the mostcommon auctions. The first such proof, for the case of two buyers anduniformly distributed values was by Vickrey (1961). In 1979 Riley &Samuelson (1981) proved a much more general result :


Théorème d’équivalence des revenus

Dans la lignée des travaux de William Vickrey, Myerson et Riley-Samuelsonont démontré en 1981 que les quatre enchères classiques définies ci-dessussont équivalentes pour le vendeur et souvent optimales.

Autrement dit, le vendeur n’aurait pas d’intérêt à choisir un mécanismed’enchère plutôt qu’un autre. Mais cette équivalence des revenus n’estplausible que sous certaines hypothèses plus abstraites que réalistes :

— Les joueurs sont neutres face au risque : ils accordent la même valeurau pari et à ses attentes.— Les évaluations privées de chaque joueur sont tirées de la mêmedistribution de probabilité : symétrie des joueurs.— Les acheteurs disposent avant la vente de la même information.— Le prix d'adjudication, autrement dit la valeur de marché du bien, nedépend que des prix d'offre individuelle, loin des influences.

De même, la théorie des jeux démontre sous les mêmes hypothèses que :

— L'enchère hollandaise N°4 et l'enchère scellée au premier prix N°1 sontéquivalentes du point de vue informationnel — et que — L'enchère anglaiseN°3 et l'enchère scellée au second prix N°2 sont également équivalentes.

Dans ce modèle totalement symétrique, les quatre procédures d'enchèresassurent une allocation Pareto-optimale, un équilible qu’aucune autresituation ne surpasse : le bien est attribué à celui qui en fera l'utilisation laplus efficace et qui le valorise le plus.

Et les mathématiciens déduisent que le revenu espéré du vendeur est unefonction croissante du nombre d'enchérisseurs.

Revenue equivalence theorem

The revenue equivalence theorem states that any allocationmechanism/auction will lead to the same expected revenue for the sellerand optimal for players.

But this indifference in chosing one of the main four system is only theoricalas it implies four strong assumptions :

— the bidder with the highest valuation always wins— the bidder with the lowest possible signal expects zero surplus— all bidders are risk neutral, and— all bidders are drawn from a strictly increasing and atomless distribution

Relaxing these assumptions can provide valuable insights for auctiondesign. Decision biases can also lead to predictable non-equivalencies.

Additionally, if some bidders are known to have a higher valuation for thelot, techniques such as price-discriminating against such bidders will yieldhigher returns. In other words, if a bidder is known to value the lot morethan the next highest bidder, the seller can increase their profits by chargingthat bidder. He will still win the lot, but will pay more.

The linkage principle is a finding which states that auction houses have anincentive to pre-commit to revealing all available information about eachlot, positive or negative.

The linkage principle is seen in the art market with the age-old tradition ofauctioneers hiring art experts to examine each lot and pre-commit toprovide a truthful estimate of its value.

April 24

a few auctions in Brussels in April and June

Littérature, musique, photographiedescriptions : Devroe & StubbeThe Romantic Agonyfriday 24th + saturday 25th april at 1 pm40 rue de l’Aqueduc - Bruxelles http://www.romanticagony.com/en/catalogue

a few auctions in Brussels in April and June

June 19

DOCUMENTARY PHOTOGRAPHSPhotographies documentairesDescriptions : Rhinoceros & CieThe Romantic Agonyfriday 19th + saturday 20th June at 2 pm40 rue de l’Aqueduc - Bruxelles

Daguerreotypes, Calotypes, Photolithographs, Autochroms, Art history documentation.

Remarkable portrait of Paul Gauguin & Vincent van Gogh.

Catalogue in progress, should be online in early May

April 25

June 20


Transmission

13-2015

He becomes an auctioneer



Transmission

13-2015

Buyer’s Remorse


n°109n°108

btp 13-2015 (march)

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