The Price of Degenerate Art
AbstractThis 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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Bibliographic InfoPaper provided by ULB -- Universite Libre de Bruxelles in its series Working Papers CEB with number 09-031.RS.
Length: 48 p.
Date of creation: 2009
Date of revision:
Publication status: Published by:
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More information through EDIRC
Art market; Art investments; Degenerate art; Economics of occupation; Hedonic Regression; World War Two;
Find related papers by JEL classification:
- 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-2009-08-22 (All new papers)
- NEP-CUL-2009-08-22 (Cultural Economics)
- NEP-HIS-2009-08-22 (Business, Economic & Financial History)
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.:
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"Buying Beauty: On Prices and Returns in the Art Market,"
2009-004, Tilburg University, Tilburg Law and Economic Center.
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- Jianping Mei & Michael Moses, 2002. "Art as an Investment and the Underperformance of Masterpieces," American Economic Review, American Economic Association, vol. 92(5), pages 1656-1668, December.
- Bocart, Fabian Y.R.P. & Hafner, Christian M., 2012.
"Econometric analysis of volatile art markets,"
Computational Statistics & Data Analysis,
Elsevier, vol. 56(11), pages 3091-3104.
- Fabian Y. R. P. Bocart & Christian M. Hafner, 2011. "Econometric analysis of volatile art markets," SFB 649 Discussion Papers SFB649DP2011-071, Sonderforschungsbereich 649, Humboldt University, Berlin, Germany.
- BOCART, Fabian Y. R. P. & HAFNER, Christian, 2011. "Econometric analysis of volatile art markets," CORE Discussion Papers 2011052, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
- Geraldine David & Kim Oosterlinck, 2012. "War, Inflation, Monetary Reform and the Art Market," Working Papers 0012, European Historical Economics Society (EHES).
- Géraldine David & Kim Oosterlinck, 2011. "War, Inflation, Monetary Reforms and the Art Market .The Belgian Art market (1944 – 1951)," Working Papers CEB 11-055, ULB -- Universite Libre de Bruxelles.
- Degenerate art in Wikipedia (English)
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