Fiddling with Value: Violins as an Investment?

Kathryn Graddy () and Philip Margolis

No 6583, CEPR Discussion Papers from C.E.P.R. Discussion Papers

Abstract: This paper measures the returns to investing in violins using two different datasets. One dataset includes 75 observations on repeat sales of the same violins at auction starting in the mid-19th century and another dataset includes over 2000 observations on individual violin sales at auction since 1980. Overall real returns for the dataset on repeat sales for the period 1850-2006 have been approximately 3.5%. Real returns to the overall portfolio of individual sales since 1980 have been nearly 4%. While this return is lower than other standard investments, the price path has been stable with a slight negative correlation to stocks and bonds.

Keywords: Auctions; Investment; Repeat Sales; Violins (search for similar items in EconPapers)
JEL-codes: D44 G11 L82 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cul
Date: 2007-11

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