Is flight-to-safety in the art market real? Evidence from the 1929 financial crash

Amir Rezaee and Isabelle Sequeira

Applied Economics Letters, 2021, vol. 28, issue 19, 1671-1676

Abstract: We study the impact of the 1929 stock market crash on the Paris art market by creating a high-frequency index of artwork sales to measure the arrival of new investors seeking safe-havens. The results show that following the financial crash, the previously volatile art market becomes suddenly stable, suggesting a flight-to-safety from financial markets to the art market.

Date: 2021
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DOI: 10.1080/13504851.2020.1849533

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