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

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  • Amir Rezaee
  • Isabelle Sequeira

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.

Suggested Citation

  • Amir Rezaee & Isabelle Sequeira, 2021. "Is flight-to-safety in the art market real? Evidence from the 1929 financial crash," Applied Economics Letters, Taylor & Francis Journals, vol. 28(19), pages 1671-1676, November.
    • Handle: RePEc:taf:apeclt:v:28:y:2021:i:19:p:1671-1676
    DOI: 10.1080/13504851.2020.1849533
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    Cited by:

    1. Wang, Yizhi, 2022. "Volatility spillovers across NFTs news attention and financial markets," International Review of Financial Analysis, Elsevier, vol. 83(C).

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