Return on violin and macroeconomic fluctuation

We investigate the return on holding valuable violins over time, particularly the macroeconomic fluctuation. We shed new light on how macroeconomic variables can affect the return on holding valuable violins. The average return on violins is higher if the violins sold during a non-recession time. Also, there are fewer transactions during recessionary times. By studying the return of different violinmakers and associated violin name, we also shed light on the effect of the violinmaker’s reputation on return.