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Fiddling with Value: Violins as an Investment?

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Author Info
Graddy, Kathryn
Margolis, Philip

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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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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

Find related papers by JEL classification:
D44 - Microeconomics - - Market Structure and Pricing - - - Auctions
G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
L82 - Industrial Organization - - Industry Studies: Services - - - Entertainment; Media

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This page was last updated on 2008-7-23.

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