War, Inflation, Monetary Reform and the Art Market
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.
References listed on IDEAS
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.:
- Pesando, James E, 1993. "Art as an Investment: The Market for Modern Prints," American Economic Review, American Economic Association, vol. 83(5), pages 1075-1089, December.
- Kim Oosterlinck, 2010.
"French Stock Exchanges and Regulation during World War II,"
ULB Institutional Repository
2013/142702, ULB -- Universite Libre de Bruxelles.
- 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.
- Kim Oosterlinck, 2009. "The Price of Degenerate Art," Working Papers CEB 09-031.RS, ULB -- Universite Libre de Bruxelles.
- Ginsburgh, V. & Jeanfils, P., "undated".
"Long-term comovements in international markets for paintings,"
CORE Discussion Papers RP
1147, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
- 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.
- Victor Ginsburgh & Philippe Jeanfils, 1995. "Long-term comovements in international markets for paintings," ULB Institutional Repository 2013/1717, ULB -- Universite Libre de Bruxelles.
- Fernando Mendiola Gonzalo, 2011. "Forced Labour in Franco's Spain: Workforce Supply, Profits and Productivity," Working Papers 0004, European Historical Economics Society (EHES).
- Ginsburgh, Victor & Mei, Jianping & Moses, Michael, 2006. "The Computation of Prices Indices," Handbook of the Economics of Art and Culture, Elsevier.
- Carmen M. Reinhart & M. Belen Sbrancia, 2011.
"The Liquidation of Government Debt,"
NBER Working Papers
16893, National Bureau of Economic Research, Inc.
- Carmen M. Reinhart & M. Belen Sbrancia, 2011. "The Liquidation of Government Debt," BIS Working Papers 363, Bank for International Settlements.
- Carmen Reinhart & M. Belen Sbrancia, 2015. "The Liquidation of Government Debt," IMF Working Papers 15/7, International Monetary Fund.
- Carmen M. & M. Belen Sbrancia, 2011. "The Liquidation of Government Debt," Working Paper Series WP11-10, Peterson Institute for International Economics.
- Javier Silvestre & Ma Isabel Ayuda & Vicente Pinilla, 2011.
"The Labor Market Integration of Migrants: Barcelona, 1930,"
0003, European Historical Economics Society (EHES).
- Javier Silvestre & Vicente Pinilla & Mª Isabel Ayuda, 2011. "The Labor Market Integration of Migrants: Barcelona, 1930," Economic Reports 02-2011, FEDEA.
- 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.
- Filippo Occhino & Kim Oosterlinck & Eugene Nelson White, 2008. "How much can a victor force the vanquished to pay? France under the nazi boot," ULB Institutional Repository 2013/142695, ULB -- Universite Libre de Bruxelles.
- 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.
When requesting a correction, please mention this item's handle: RePEc:hes:wpaper:0012. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Paul Sharp)
If references are entirely missing, you can add them using this form.