  Recurring auctions are ubiquitous for selling durable assets like artworks
and homes, with follow-up auctions held for unsold items. We investigate such
auctions theoretically and empirically. Theoretical analysis demonstrates that
recurring auctions outperform single-round auctions when buyers face entry
costs, enhancing efficiency and revenue due to sorted entry of potential
buyers. Optimal reserve price sequences are characterized. Empirical findings
from home foreclosure auctions in China reveal significant annual gains in
efficiency (3.40 billion USD, 16.60%) and revenue (2.97 billion USD, 15.92%)
using recurring auctions compared to single-round auctions. Implementing
optimal reserve prices can further improve efficiency (3.35%) and revenue
(3.06%).
