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Fiddling with Value: Violins as an Investment?

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  • Graddy, Kathryn
  • Margolis, Philip

Abstract

This paper measures the returns to investing in violins using two different datasets. One dataset includes 75 observations on repeat sales of the same violins at auction starting in the mid-19th century and another dataset includes over 2000 observations on individual violin sales at auction since 1980. Overall real returns for the dataset on repeat sales for the period 1850-2006 have been approximately 3.5%. Real returns to the overall portfolio of individual sales since 1980 have been nearly 4%. While this return is lower than other standard investments, the price path has been stable with a slight negative correlation to stocks and bonds.

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Bibliographic Info

Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 6583.

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Date of creation: Nov 2007
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Handle: RePEc:cpr:ceprdp:6583

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Related research

Keywords: Auctions; Investment; Repeat Sales; Violins;

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Cited by:
  1. Campbell, Rachel & Graddy, Kathryn & Hamilton, Jonathan, 2009. "Repeat Sales Indexes: Estimation Without Assuming that Errors in Asset Returns Are Independently Distributed," CEPR Discussion Papers 7344, C.E.P.R. Discussion Papers.
  2. Dakshina De Silva & Caroline Elliott & Robert Simmons, 2013. "Restaurant wars," Working Papers 44312700, Lancaster University Management School, Economics Department.
  3. Dimson, Elroy & Rousseau, Peter L. & Spaenjers, Christophe, 2013. "The Price of Wine," Les Cahiers de Recherche 1019, HEC Paris.
  4. Fabian Y.R.P. Bocart & Christian M. Hafner, 2012. "Volatility of price indices for heterogeneous goods," SFB 649 Discussion Papers SFB649DP2012-039, Sonderforschungsbereich 649, Humboldt University, Berlin, Germany.

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