Is art a safe investment in times of war?

In this episode, Kim Oosterlinck (General Director of the Royal Museums of Fine Arts of Belgium) and Carmen Hofmann (eabh) dive into the little-known yet fascinating world of the German art market during World War II. This new research reveals that Germany itself as much as the occupied territories experienced a surprising wartime art boom.

Using fresh data, the study uncovers how artworks became a discreet yet powerful investment amid economic uncertainty and Nazi regulation. From black market dynamics to the fate of so-called “degenerate art,” we unpack how paintings turned into both cultural and financial assets. Tune in for a compelling look at how war reshaped the value of art—and what it tells us about crisis economies.