The Price of Degenerate Art

Kim OOSTERLINCK ()

No 09-031.RS, Working Papers CEB from Université Libre de Bruxelles, Solvay Brussels School of Economics and Management, Centre Emile Bernheim (CEB)

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.

Keywords: Art market; Art investments; Degenerate art; Economics of occupation; Hedonic Regression; World War Two (search for similar items in EconPapers)
JEL-codes: G1 N44 Z11 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cul and nep-his
Date: 2009-08
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http://www.solvay.edu/EN/Research/Bernheim/documents/wp09031.pdf First version, 2009 (application/pdf)

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Persistent link: http://EconPapers.repec.org/RePEc:sol:wpaper:09-031

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