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The Price of Degenerate Art

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Author Info
Kim Oosterlinck () (Centre Emile Bernheim, Solvay Brussels School of Economics and Management, Université Libre de Bruxelles, Brussels.)

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Abstract

This paper analyzes, on basis of an original database of close to 3 000 canvasses sold during the war in Drouot, the main French auction house, the evolution of the art market in occupied France. Based on hedonic regressions, it shows that by all standards the market experienced a massive boom. Our index increases from a value of 100 in December 1940 to more than 500 in February 1943 after which a marked decline occurred up till November 1943. The paper also analyzes the impact on the market of a given state policy regarding acceptable taste. The paper shows that the price of the paintings viewed as “degenerate” by the Nazis mimicked those of the art market in general and this up till June 1944 when their price increases once more whereas the general index decreases slightly.

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File URL: http://www.solvay.edu/EN/Research/Bernheim/documents/wp09031.pdf
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File Function: First version, 2009
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Publisher Info
Paper provided by Université Libre de Bruxelles, Solvay Brussels School of Economics and Management, Centre Emile Bernheim (CEB) in its series Working Papers CEB with number 09-031.RS.

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Length: 45 pages
Date of creation: Aug 2009
Date of revision:
Handle: RePEc:sol:wpaper:09-031

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Related research
Keywords: Art market; Art investments; Degenerate art; Economics of occupation; Hedonic Regression; World War Two;

Find related papers by JEL classification:
G1 - Financial Economics - - General Financial Markets
N44 - Economic History - - Government, War, Law, 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:

References listed on IDEAS
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  1. James Pesando & Pauline Shum, 1999. "The Returns to Picasso's Prints and to Traditional Financial Assets, 1977 to 1996," Journal of Cultural Economics, Springer, vol. 23(3), pages 181-190, August. [Downloadable!] (restricted)
  2. Renneboog, L.D.R. & Spaenjers, C., 2009. "Buying Beauty: On Prices and Returns in the Art Market," Discussion Paper 2009-004, Tilburg University, Tilburg Law and Economic Center.
    Other versions:
  3. 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. [Downloadable!] (restricted)
  4. Goetzmann, William N, 1993. "Accounting for Taste: Art and the Financial Markets over Three Centuries," American Economic Review, American Economic Association, vol. 83(5), pages 1370-76, December. [Downloadable!] (restricted)
  5. Frey, Bruno S. & Eichenberger, Reiner, 1995. "On the rate of return in the art market: Survey and evaluation," European Economic Review, Elsevier, vol. 39(3-4), pages 528-537, April. [Downloadable!] (restricted)
  6. Baumol, William J, 1986. "Unnatural Value: Or Art Investment as Floating Crap Game," American Economic Review, American Economic Association, vol. 76(2), pages 10-14, May. [Downloadable!] (restricted)
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This page was last updated on 2009-11-26.

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