This study addresses how commodities that go unsold at auction perform when they are subsequently sold directly or at auction. Given that the share of unsold commodities is up to 50% in some markets, this is an important yet neglected topic. With a unique dataset including approximately 40,000 frozen Atlantic cod transactions, with detailed information about each lot, including if it was previously withdrawn from the auction, we apply hedonic price modeling to investigate how these lots are priced. The results indicate that when previously withdrawn lots are sold directly, they achieve lower prices than comparable lots. In the auction market, on the other hand, previously unsold lots achieve slightly higher prices than comparable lots.

本研究探讨了在拍卖中未售出的商品在随后直接出售或拍卖时的表现。鉴于某些市场未售出商品的比例高达 50%，这是一个重要但又被忽视的话题。凭借包含大约 40,000 笔冷冻大西洋鳕鱼交易的独特数据集，以及每批拍品的详细信息，包括之前是否退出拍卖，我们应用享乐价格模型来研究这些拍品的定价方式。结果表明，当直接出售先前撤回的批次时，它们的价格低于同类批次。另一方面，在拍卖市场上，之前未售出的拍品的价格略高于同类拍品。