Different types of auctions (e.g., Dutch versus English) vary in the time they take to establish a price. Transactions costs will therefore differ across auction types. This research proposes to build on a data set the PI s have assembled on automobile auctions, adding auctions in which only dealers are allowed to bid as well as data on number of bidders. Databases on art and horse auctions will also be compiled. Preliminary empirical analyses of how these various auction markets perform and on the role of transactions costs in their operation will be conducted.