The German art market during WW II.

This article quantitatively examines the evolution of the German art market from 1937 to 1944, focusing on price and volume developments during World War II. Using auction data from the Getty Research Institute, the study constructs a hedonic price index controlling for artwork characteristics, provenance, and auction house effects, revealing a significant wartime boom in German art prices—similar in trajectory to that observed in occupied countries like the Netherlands but contrasting with the United Kingdom's market. The boom is attributed to factors including monetary inflation, financial repression, black market activity, and increased demand from Nazi elites seeking cultural status through art collecting. While the volume of auctions in Germany remained relatively stable until a sharp decline in 1944, the study highlights the complex interplay of wartime economic conditions and art market dynamics without formally testing all causal factors, suggesting avenues for further research.