War, Inflation, Monetary Reform and the Art Market
AbstractDuring World War II, the art market experienced a massive boom in occupied countries. The discretion, the inflation proof character, the absence of market intervention and the possibility to resell artworks abroad have been suggested to explain why investing in artworks was one of the most interesting opportunities under the German boot. On basis of an original database of close to 4000 artworks sold between 1944 and 1951 at Giroux, one of the most important Art Gallery in Brussels, this paper analyzes, the price movements on the Belgian art market following the liberation. Market reactions following the war are used to understand which motivations played the most important role in investorsÕ decisions. Prices on the art market experienced a massive drop. This huge price decline is attributed to two elements: fear of prosecution for war profits and the monetary reforms set into place in October 1944.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoPaper provided by European Historical Economics Society (EHES) in its series Working Papers with number 0012.
Length: 34 pages
Date of creation: Jan 2012
Date of revision:
Art market; Art Investment; WWII; Belgium; Post-war; Monetary reforms;
Find related papers by JEL classification:
- N14 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Europe: 1913-
- N44 - Economic History - - Government, War, Law, International Relations, and Regulation - - - Europe: 1913-
- Z11 - Other Special Topics - - Cultural Economics - - - Economics of the Arts and Literature
This paper has been announced in the following NEP Reports:
- NEP-ALL-2012-01-25 (All new papers)
- NEP-CUL-2012-01-25 (Cultural Economics)
- NEP-HIS-2012-01-25 (Business, Economic & Financial History)
- NEP-MAC-2012-01-25 (Macroeconomics)
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Oosterlinck, Kim, 2010. "French Stock exchanges and regulation during World War II," Financial History Review, Cambridge University Press, vol. 17(02), pages 211-237, October.
- Fernando Mendiola Gonzalo, 2011. "Forced Labour in Franco's Spain: Workforce Supply, Profits and Productivity," Working Papers 0004, European Historical Economics Society (EHES).
- repec:ulb:ulbeco:2013/6699 is not listed on IDEAS
- repec:ulb:ulbeco:2013/6697 is not listed on IDEAS
- Pesando, James E, 1993. "Art as an Investment: The Market for Modern Prints," American Economic Review, American Economic Association, vol. 83(5), pages 1075-89, December.
- Victor Ginsburgh & Philippe Jeanfils, 1995.
"Long-term comovements in international markets for paintings,"
ULB Institutional Repository
2013/1717, ULB -- Universite Libre de Bruxelles.
- Ginsburgh, Victor & Jeanfils, Philippe, 1995. "Long-term comovements in international markets for paintings," European Economic Review, Elsevier, vol. 39(3-4), pages 538-548, April.
- Ginsburgh, Victor & Mei, Jianping & Moses, Michael, 2006. "The Computation of Prices Indices," Handbook of the Economics of Art and Culture, Elsevier.
- Occhino, Filippo & Oosterlinck, Kim & White, Eugene N., 2008. "How Much Can a Victor Force the Vanquished to Pay? France under the Nazi Boot," The Journal of Economic History, Cambridge University Press, vol. 68(01), pages 1-45, March.
- Kim Oosterlinck & Filippo Occhino & Kim Oosterlinck & Eugene N. White, 2006. "How occupied France financed its own exploitation during WW2," Working Papers CEB 06-012.RS, ULB -- Universite Libre de Bruxelles.
- Kim Oosterlinck, 2009. "The Price of Degenerate Art," Working Papers CEB 09-031.RS, ULB -- Universite Libre de Bruxelles.
Blog mentionsAs found by EconAcademics.org, the blog aggregator for Economics research:CitEc Project, subscribe to its RSS feed for this item.
- Ulrich Pfister & Jana Riedel & Martin Uebele, 2012.
"Real Wages and the Origins of Modern Economic Growth in Germany, 16th to 19th Centuries,"
0017, European Historical Economics Society (EHES).
- Uebele, Martin & Pfister, Ulrich & Riedel, Jana, 2012. "Real wages and the origins of modern economic growth in Germany, 16th to 19th centuries," Annual Conference 2012 (Goettingen): New Approaches and Challenges for the Labor Market of the 21st Century 62076, Verein für Socialpolitik / German Economic Association.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Paul Sharp).
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.