It quite conceivably could seeing as firing reduces the water content which could affect the overall mass but the amout should be negligible. The two forays I've had into using clay I haven't noticed a volume change in before and after, just a slight colour change in the clay
How much it shrinks depends on the type of clay, but yes, clay shrinks during the first (bisque) firing. Generally, the manner in which you fire it doesn't have much effect on the shrinkage. I think about 10% shrinkage is average.
Hm, this is a somewhat old topic, but I thought I'd contribute my two cents, seeing as ceramics has been my number one priority since the beginning of this year.
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"Whether or not a black cat means disaster depends on whether you are a person, or a mouse."
Yes, clay does shrink. As somer said, it depends of the type of the clay. The best idea would ask from someone who have used the same clay you use and used also the same heat when firing the clay. If nobody knows, then take a little time to make your own test pieces, making for example differend size of holes (make notes what size before firing the test piece) and then measuring after firing. Also the shrinking depends the thickness of the piece you're firing.