Art as a Wartime Investment: Conspicuous Consumption and Discretion
研究了二战期间被占领法国艺术品作为投资的表现，发现其显著优于其他替代投资，原因在于艺术品作为便携且易隐藏的资产，满足了不同时期对炫耀性消费或隐蔽性的需求。
During World War II, artworks significantly outperformed all alternative investments in Occupied France. With the surge in demand for portable and easy-to-hide (discreet) assets such as artworks and collectible stamps, prices boomed. This suggests that discreet assets may be viewed as crypto-currencies, demand for which varies depending on the environment and the need to hide value. Regarding art market valuation, this article argues that while some economic actors derive significant utility from conspicuous consumption, others value the discretion offered by artworks. Motives for purchasing art may thus vary over time.