Empirical Evidence of Anchoring and Loss Aversion from Art Auctions Kathryn Graddy, ∗ Lara Loewenstein, † Jianping Mei, ‡ Mike Moses, § Rachel Pownall ¶‖ April 2015 ∗ Brandeis University, kgraddy@brandeis.edu,tel:7817368616 † Brandeis University, lloewens@brandeis.edu,tel:2025690302 ‡ Cheung Kong Graduate School of Business, jpmei@ckgsb.edu.cn, tel:861085188858 § Beautiful Asset Advisors LLC,mmoses@stern.nyu.edu,tel:2014033921 ¶ Maastricht U. and Tilburg U., r.pownall@maastrichtuniversity.nl, tel:0031433883838 ‖ The authors would like to thank Anders Anderson, Alex Appleby, and Christophe Spaen- jers for detailed comments. 1