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Overall view of speculative markets

In: Hidden Collective Factors in Speculative Trading

Author

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  • Bertrand M. Roehner

    (University of Paris 6, LPTHE)

Abstract

“Is the current increase in investment in rare books wholly a good thing? Personally I have reservations. They arise from stories I heard at my father’s Knee about the crash in the 1930s: books at that time had been driven up in price far beyond the levels that were truly supported by their siginificance and their rarity”. These were in 1994 some of the reflections of A. Rother, past president of the International League of Antiquarian Booksellers. The crash that he refers to began in New York after the spectacular fireworks of the Jerome Kern sales in January 1929 and deepened after the stock market crash of October 1929. Values fell so heavily that in 1933 it was customary to pay for Kern copies no more than 10 to 15 percent of what they had fetched at these sales.

Suggested Citation

  • Bertrand M. Roehner, 2010. "Overall view of speculative markets," Springer Books, in: Hidden Collective Factors in Speculative Trading, chapter 0, pages 13-46, Springer.
    • Handle: RePEc:spr:sprchp:978-3-642-03048-2_2
    DOI: 10.1007/978-3-642-03048-2_2
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