Art Market Investment Bubble during COVID-19—Case Study of the Rare Books Market in Poland

Łukasz Zakonnik (), Piotr Czerwonka, Grzegorz Podgórski, Karolina Zajdel and Radosław Zajdel
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Łukasz Zakonnik: Faculty of Economics and Sociology, University of Lodz, 90-255 Lodz, Poland
Piotr Czerwonka: Faculty of Management, University of Lodz, 90-237 Lodz, Poland
Grzegorz Podgórski: Faculty of Management, University of Lodz, 90-237 Lodz, Poland
Karolina Zajdel: Department of Medical Informatics and Statistics, Medical University of Lodz, 90-419 Lodz, Poland
Radosław Zajdel: Faculty of Economics and Sociology, University of Lodz, 90-255 Lodz, Poland

Sustainability, 2022, vol. 14, issue 18, 1-20

Abstract: The literature provides information on the impact of the pandemic on various markets. Many articles suggest the necessity of diversifying investment portfolios during financial market turmoil. The article in a unique way analyzed the rare books market in Poland during the COVID-19 period. The results of rare books auctions (the largest players with 85% of the market share were taken into account) over the 2018–2022 period were considered. The authors presented the hypothesis that COVID-19 triggered an investment bubble which may burst quite suddenly after the pandemic period. The data presented confirm the hypothesis, showing sharp increases (up to 50%) in sales revenues and a subsequent collapse. Less spectacular results were obtained when analyzing the number of books offered and sold in a given period. The authors used descriptive measures as well as statistical tests. A simple model calculating possible revenue in conjunction with the WPDI (World Pandemics Discussion Index) indicator was also presented.

Keywords: investment bubble; COVID-19; pandemic; rare books; finances; art market (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2022
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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