The company said this improvement is principally due to higher auction commission revenues resulting from a 23 percent increase in netauction sales, partially offset by a decline in auction commission margin from 17.2 percent to 16.4 percent, attributable to the sales mix.
The only true test would be to see if any of the items valued were transacted within 24-36 months of the valuation (basically two to three cycles of the art market) and then compare the actual netauction proceeds to the heirs to the valuation by the Panel.
The paper notes the success of numerous policies California has implemented to promote distributed generation, including the California Solar Initiative (CSI), net energy metering (NEM), the renewable auction mechanism (RAM), and the Self-Generation Incentive Program.