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War, Inflation, Monetary Reform and the Art Market

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Author Info

  • Geraldine David

    ()
    (Universite Libre de Bruxelles)

  • Kim Oosterlinck

    ()
    (Universite Libre de Bruxelles)

Abstract

During 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.

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Bibliographic Info

Paper provided by European Historical Economics Society (EHES) in its series Working Papers with number 0012.

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Length: 34 pages
Date of creation: Jan 2012
Date of revision:
Handle: RePEc:hes:wpaper:0012

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Related research

Keywords: Art market; Art Investment; WWII; Belgium; Post-war; Monetary reforms;

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References

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  1. 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.
  2. Kim Oosterlinck, 2009. "The Price of Degenerate Art," Working Papers CEB 09-031.RS, ULB -- Universite Libre de Bruxelles.
  3. Kim Oosterlinck, 2010. "French Stock Exchanges and Regulation during World War II," ULB Institutional Repository 2013/142702, ULB -- Universite Libre de Bruxelles.
  4. 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.
  5. Kim Oosterlinck & Filippo Occhino & Eugene N. White, 2006. "How occupied France financed its own exploitation during WW2," Working Papers CEB 06-012.RS, ULB -- Universite Libre de Bruxelles.
  6. Carmen M. Reinhart & M. Belen Sbrancia, 2011. "The Liquidation of Government Debt," BIS Working Papers 363, Bank for International Settlements.
  7. 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.
  8. Ginsburgh, Victor & Mei, Jianping & Moses, Michael, 2006. "The Computation of Prices Indices," Handbook of the Economics of Art and Culture, Elsevier.
  9. Fernando Mendiola Gonzalo, 2011. "Forced Labour in Franco's Spain: Workforce Supply, Profits and Productivity," Working Papers 0004, European Historical Economics Society (EHES).
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Blog mentions

As found by EconAcademics.org, the blog aggregator for Economics research:
  1. Electrification, skills and manufacturing
    by Chris Colvin in NEP-HIS blog on 2012-01-28 18:15:01
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Cited by:
  1. Ulrich Pfister & Jana Riedel & Martin Uebele, 2012. "Real Wages and the Origins of Modern Economic Growth in Germany, 16th to 19th Centuries," Working Papers 0017, European Historical Economics Society (EHES).

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