Medal and Decoration
See also : Russia 1700-1900 Nobel medals Sciences Sciences from 1800 Inventions Medicine Sport memorabilia Sport memorabilia II Sport rewards and medals
Chronology : 1790-1799 1917
External link : list of auction results of the Victoria Cross.
Chronology : 1790-1799 1917
External link : list of auction results of the Victoria Cross.
1797 The Order of St. Andrew
2012 SOLD 1.73 M€ including premium
The order of St. Andrew was created by Peter the Great in imitation of the English orders. This system enabling to distinguish the members of the Imperial family and the grand courtiers was widely used by the Romanov.
In 1797, the new Tsar Paul I gave its official status to this order, accompanied by some charitable duties. The insignia consisted of a star, a large collar and a jewel constituted by a cross of St Andrew resting on the two-headed eagle under a crown.
On June 20 in Paris, Damien Libert sells a complete set of Knight of the Order of St. Andrew made in the period of the reforms of Paul I. The recipient is not identified but he was certainly a French aristocrat involved in the Russian army or at the court: the name of the fifth duc de Richelieu is advanced in the catalog with a good probability.
The cross and the 23 links of the collar are crafted in gold and enamel. The star is made of silver sequins. The lower estimate is announced by La Gazette Drouot at € 400K and at € 500K by the press release. Let us rather state that it is difficult to predict the price of this very rare complete set.
Only members of the Imperial family could crimp their badges of St. Andrew with precious stones. The cross, also from the time of Paul I, sold £ 2.7 million including premium by Sotheby's on 12 June 2008 was exceptional: it was set with 45 carats of diamonds and the eagle eyes were rubies.
POST SALE COMMENT
This set was worth more than its estimate, of course, and less than the Imperial jewel that I had taken as a reference. The result, € 1.73 million including premium, is very satisfactory.
In 1797, the new Tsar Paul I gave its official status to this order, accompanied by some charitable duties. The insignia consisted of a star, a large collar and a jewel constituted by a cross of St Andrew resting on the two-headed eagle under a crown.
On June 20 in Paris, Damien Libert sells a complete set of Knight of the Order of St. Andrew made in the period of the reforms of Paul I. The recipient is not identified but he was certainly a French aristocrat involved in the Russian army or at the court: the name of the fifth duc de Richelieu is advanced in the catalog with a good probability.
The cross and the 23 links of the collar are crafted in gold and enamel. The star is made of silver sequins. The lower estimate is announced by La Gazette Drouot at € 400K and at € 500K by the press release. Let us rather state that it is difficult to predict the price of this very rare complete set.
Only members of the Imperial family could crimp their badges of St. Andrew with precious stones. The cross, also from the time of Paul I, sold £ 2.7 million including premium by Sotheby's on 12 June 2008 was exceptional: it was set with 45 carats of diamonds and the eagle eyes were rubies.
POST SALE COMMENT
This set was worth more than its estimate, of course, and less than the Imperial jewel that I had taken as a reference. The result, € 1.73 million including premium, is very satisfactory.
>1797 What sort of Badge was worn at the Imperial Court of Russia
2008 SOLD 2.7 M£ including premium
All observers say and assess that what comes from Russia is in the top fashion of the time being, and that greatly interested Russian buyers are keen to reconstitute their past.
We also know that everything coming from imperial origines of all countries make collectors and scholars dreaming.
The brooch (the word used in English by Sotheby's is badge), which is lot 540 of the sale of Sotheby's in London on June 12, comes from the crown jewels of Imperial Russia. In imposing size (13 x 9 cm, 160 grams), its low estimate of 400 K£ is even less surprising when we know that it is covered with 45 carats of diamonds.
Its drawing, very fine, has two bodies: the main part is an eagle with two heads and with wings and tail deployed. This one is partly covered by a cross of St Andrew with the image of the saint. Over it, there is the beautiful image of the imperial crown. All of this is in diamonds except the eyes of the eagle which are rubies and beaks and claws which are gold.
The jewel was made around 1800 as a decoration of the Order of St. Andrew. It was a privilege of the tsar's family to wear this type of decorations in the great occasions of the State. The descent from that piece is known: given by the Imperial family to the ducal family of Oldenburg, it returned in 1890 to Empress Maria Feodorovna, who wore it.
The estimate is very open, with a high estimate at 600 K £. But is there really a price for such a treasure?
POST SALE COMMENT
The treasure has now a price: £ 2.7 million charge included.
It is an excellent result which will refer.
We also know that everything coming from imperial origines of all countries make collectors and scholars dreaming.
The brooch (the word used in English by Sotheby's is badge), which is lot 540 of the sale of Sotheby's in London on June 12, comes from the crown jewels of Imperial Russia. In imposing size (13 x 9 cm, 160 grams), its low estimate of 400 K£ is even less surprising when we know that it is covered with 45 carats of diamonds.
Its drawing, very fine, has two bodies: the main part is an eagle with two heads and with wings and tail deployed. This one is partly covered by a cross of St Andrew with the image of the saint. Over it, there is the beautiful image of the imperial crown. All of this is in diamonds except the eyes of the eagle which are rubies and beaks and claws which are gold.
The jewel was made around 1800 as a decoration of the Order of St. Andrew. It was a privilege of the tsar's family to wear this type of decorations in the great occasions of the State. The descent from that piece is known: given by the Imperial family to the ducal family of Oldenburg, it returned in 1890 to Empress Maria Feodorovna, who wore it.
The estimate is very open, with a high estimate at 600 K £. But is there really a price for such a treasure?
POST SALE COMMENT
The treasure has now a price: £ 2.7 million charge included.
It is an excellent result which will refer.
1913 The Diamonds of the White Eagle
2018 SOLD for € 1.11M including premium
After the Franco-German War of 1870 the two countries strengthen their respective alliances. Russia which has critical needs in industrial development is looking for investors in France. From 1888 to 1914 the Russian loans known as Emprunts Russes are immensely popular with small French savers.
From 1892 military agreements followed this economic cooperation between France and Russia. In 1904 and 1907 Great Britain made alliance with both countries.
Tension is rising in the Balkans and a new step forward would be useful. In August 1913 a delegation led by Général Joffre, supreme head of the French armies, is received by Tsar Nicholas II.
According to the principles of diplomacy this delegation is welcomed with the highest honors. Joffre is decorated with the Order of St. Alexander Nevsky which is the highest Russian men's honor after the Order of St. Andrew.
Joffre's chief deputy for this mission is Général d'Amade. To respect the hierarchical prerogatives, d'Amade receives a distinction slightly inferior to that of Joffre, the Order of the White Eagle, with an additional imperial honor rare at this time for this distinction which consists in crimping the badge and the plaque with a diamond pavement.
These two jewels in gold, silver gilt, diamonds, rubies and enamel are for sale together by Millon in Paris Hôtel Drouot on May 30, lot 424. The press release by Drouot announces an estimate between € 600K and 800K. The 11 cm high badge weighing 140 g is decorated with the two-headed eagle and the imperial crown. The box and ribbon are included in this single lot.
From 1892 military agreements followed this economic cooperation between France and Russia. In 1904 and 1907 Great Britain made alliance with both countries.
Tension is rising in the Balkans and a new step forward would be useful. In August 1913 a delegation led by Général Joffre, supreme head of the French armies, is received by Tsar Nicholas II.
According to the principles of diplomacy this delegation is welcomed with the highest honors. Joffre is decorated with the Order of St. Alexander Nevsky which is the highest Russian men's honor after the Order of St. Andrew.
Joffre's chief deputy for this mission is Général d'Amade. To respect the hierarchical prerogatives, d'Amade receives a distinction slightly inferior to that of Joffre, the Order of the White Eagle, with an additional imperial honor rare at this time for this distinction which consists in crimping the badge and the plaque with a diamond pavement.
These two jewels in gold, silver gilt, diamonds, rubies and enamel are for sale together by Millon in Paris Hôtel Drouot on May 30, lot 424. The press release by Drouot announces an estimate between € 600K and 800K. The 11 cm high badge weighing 140 g is decorated with the two-headed eagle and the imperial crown. The box and ribbon are included in this single lot.
1917 Victoria Cross of Vice-Admiral Gordon Campbell
2017 SOLD for £ 840K including premium by Morton and Eden
Morton and Eden are delighted to announce the sale of the Victoria Cross & DSO** Group of 11 to Vice-Admiral Gordon Campbell, sold today for £840,000 (with premium), a new world record for a Victoria Cross at auction. pic.twitter.com/WBWvxE8rbu
— Morton & Eden Ltd (@MortonandEden) November 23, 2017
1936 Olympic Gold for Jesse Owens
2013 SOLD 1.47 M$ including premium
The success of Jesse Owens at the Berlin Olympics in 1936 was not a surprise. Technically, he was one of the best sprinters of all time by a remarkable optimization of movement and an amazing sacrifice of pain during effort.
He won four prestigious events : 100 meters, 200 meters, long jump and within 4 x 100 meters team. This grandson of slaves who was born in Alabama became a hero for the whole African-American community and is still now one of the most popular symbols of the Nazi abuse.
On this last point, the reality is surprising. Hitler was willing to admit that Negroes had morphologic features that enabled them to win. Earlier in these games, the Chancellor had only congratulated German athletes. His advisers made him understand that it was a blunder and he therefore decided to stop contacting any winner.
Owens himself declared that Hitler had not been hostile to him. On the opposite, the champion sharply criticized the racial segregation in his own country, which will still go further for 32 years before being abolished.
One of the four gold medals of Jesse Owens is for sale by SCP Auctions. The online auction will close on December 7. It is not known which of his four wins is related to this award. His other three medals are not localized.
I invite you to play the video commented by Darren Rovell for the ESPN specialized sport channel.
POST SALE COMMENT
Very good result for this medal that was outstanding for both sporting feat and political significance: $ 1.47 million including premium.
He won four prestigious events : 100 meters, 200 meters, long jump and within 4 x 100 meters team. This grandson of slaves who was born in Alabama became a hero for the whole African-American community and is still now one of the most popular symbols of the Nazi abuse.
On this last point, the reality is surprising. Hitler was willing to admit that Negroes had morphologic features that enabled them to win. Earlier in these games, the Chancellor had only congratulated German athletes. His advisers made him understand that it was a blunder and he therefore decided to stop contacting any winner.
Owens himself declared that Hitler had not been hostile to him. On the opposite, the champion sharply criticized the racial segregation in his own country, which will still go further for 32 years before being abolished.
One of the four gold medals of Jesse Owens is for sale by SCP Auctions. The online auction will close on December 7. It is not known which of his four wins is related to this award. His other three medals are not localized.
I invite you to play the video commented by Darren Rovell for the ESPN specialized sport channel.
POST SALE COMMENT
Very good result for this medal that was outstanding for both sporting feat and political significance: $ 1.47 million including premium.
1945 The Decorations of a Gallant Australian
2011 SOLD for AUD 1.16M including premium
Created by Queen Victoria during the Crimean War, the Victoria Cross is considered as the highest military decoration of the Commonwealth. Honoring the bravery facing the enemy, it glorifies the acts of courage of soldiers whatever their rank in the army.
On September 6, 1945, Edward "Ted" Kenna, an Australian soldier aged 26, received this outstanding award for the capture of an enemy position in New Guinea.
According to the will of the hero, his medals are coming at auction. On July 28 in Melbourne, Noble Numismatics sells ten decorations of Kenna including his Victoria Cross, as a single lot estimated Aus $ 900K.
On July 24, 2006 in Sydney, Bonhams and Goodman had sold Aus $ 1M before fees the Victoria Cross awarded posthumously to an Australian captain after the battle of Gallipoli in 1915.
POST SALE COMMENT
Very good result: Aus $ 1 million before fees. Whereas the Victoria Cross is the centerpiece of this set, we can consider that the price obtained in 2006 on the other cross was equaled.
On September 6, 1945, Edward "Ted" Kenna, an Australian soldier aged 26, received this outstanding award for the capture of an enemy position in New Guinea.
According to the will of the hero, his medals are coming at auction. On July 28 in Melbourne, Noble Numismatics sells ten decorations of Kenna including his Victoria Cross, as a single lot estimated Aus $ 900K.
On July 24, 2006 in Sydney, Bonhams and Goodman had sold Aus $ 1M before fees the Victoria Cross awarded posthumously to an Australian captain after the battle of Gallipoli in 1915.
POST SALE COMMENT
Very good result: Aus $ 1 million before fees. Whereas the Victoria Cross is the centerpiece of this set, we can consider that the price obtained in 2006 on the other cross was equaled.
1962 The Invention of the Molecular Biology
2014 SOLD for $ 4.8M including premium
The birth of molecular biology is the result of a multidisciplinary cooperation between chemists, physicists and biologists. The existence of nucleic acids in the cell nuclei had been identified in the nineteenth century. From 1939, advances in micro-radiography X gave hope to understand the structure of these molecules.
Scientists had identified two types of acids, RNA (ribonucleic acid) in the cytoplasm of the cell and DNA (deoxyribonucleic acid) in the chromosomes. They appreciated that these acids held the key to the functioning of life.
Two British laboratories of crystallography worked collaboratively. Francis Crick, assisted by the young US doctor James D. Watson, was at Cambridge. In London, Maurice Wilkins was assisted by Rosalind Franklin who perfected the techniques of observation and realized the radiograms. The untimely cancer of Rosalind Franklin is probably due to an excess of radiation dose.
The single helix of RNA structure and the two strands of DNA were among the first discoveries. In 1953, Watson understood that the shapes of the elements of the two DNA strands were identical although these elements were different. Crick and Watson immediately developed the model of the double helix, which was the biggest breakthrough of all time in the field of life sciences.
The letter written by Crick to his young son showed that he was aware of the importance of the discovery. It was sold for $ 6,05M including premium by Christie's on April 10, 2013.
The Nobel Prize in Physiology or Medicine was awarded to Crick, Watson and Wilkins in 1962. Crick's Nobel medal and diploma were sold as a single lot for $ 2,27M including premium by Heritage on April 11, 2013.
Watson, now 86 years old, entrusted Christie's to sell his Nobel memories, offered in three lots on December 4 in New York. The Nobel medal with its case is estimated $ 2.5M, lot 1. His handwritten notes for the acceptance speech are estimated $ 300K,lot 2.
The manuscript of his Nobel lecture on the role of RNA in protein synthesis is estimated $ 200K, lot 3. Less than ten years after the discovery of the double helix, this theme highlighted the fact that the physicochemical mechanisms of life were already fully explained.
A portion of the proceeds from the sales will be donated by Dr. Watson to the benefit of scientific research and charities.
RESULTS INCLUDING PREMIUM
medal : $ 4.8M
speech : $ 365K
lecture : $ 245K
Scientists had identified two types of acids, RNA (ribonucleic acid) in the cytoplasm of the cell and DNA (deoxyribonucleic acid) in the chromosomes. They appreciated that these acids held the key to the functioning of life.
Two British laboratories of crystallography worked collaboratively. Francis Crick, assisted by the young US doctor James D. Watson, was at Cambridge. In London, Maurice Wilkins was assisted by Rosalind Franklin who perfected the techniques of observation and realized the radiograms. The untimely cancer of Rosalind Franklin is probably due to an excess of radiation dose.
The single helix of RNA structure and the two strands of DNA were among the first discoveries. In 1953, Watson understood that the shapes of the elements of the two DNA strands were identical although these elements were different. Crick and Watson immediately developed the model of the double helix, which was the biggest breakthrough of all time in the field of life sciences.
The letter written by Crick to his young son showed that he was aware of the importance of the discovery. It was sold for $ 6,05M including premium by Christie's on April 10, 2013.
The Nobel Prize in Physiology or Medicine was awarded to Crick, Watson and Wilkins in 1962. Crick's Nobel medal and diploma were sold as a single lot for $ 2,27M including premium by Heritage on April 11, 2013.
Watson, now 86 years old, entrusted Christie's to sell his Nobel memories, offered in three lots on December 4 in New York. The Nobel medal with its case is estimated $ 2.5M, lot 1. His handwritten notes for the acceptance speech are estimated $ 300K,lot 2.
The manuscript of his Nobel lecture on the role of RNA in protein synthesis is estimated $ 200K, lot 3. Less than ten years after the discovery of the double helix, this theme highlighted the fact that the physicochemical mechanisms of life were already fully explained.
A portion of the proceeds from the sales will be donated by Dr. Watson to the benefit of scientific research and charities.
RESULTS INCLUDING PREMIUM
medal : $ 4.8M
speech : $ 365K
lecture : $ 245K
1962 Award for the Double Helix
2013 SOLD 2.27 M$ including premium
The progress in the crystallographic analyses of molecules enabled the greatest scientific discovery of the last century. In 1953, by inspecting the X-ray photographs of components of biological cells, two researchers at Cambridge, England, built the double helix model of the deoxyribonucleic acid (DNA).
Both strands of the helix are connected by regularly spaced links which are always constituted by a pair of chains in two couples of possibilities. When the strands are disjoined, the helix is restructured with organic matter for the creation of the second strand of a new double helix with the same genetic message as the original DNA molecule.
Crick and Watson knew immediately that they had found the secret of the transmission of information in biological material. With this key, molecular biology soon became a major science, leading to understand cell differentiation and biodiversity.
In 1962, the Nobel Prize in Physiology or Medicine is awarded to Crick, Watson and Wilkins. The Nobel gold medal and diploma attributed to Francis HC Crick are presented in a single lot, estimated $ 500K, in the sale organized by Heritage in New York on 10 and 11 April. Here is the link to the catalog.
Before Crick and Watson, no geometer, no artist had imagined this compact and steady structure.
POST SALE COMMENT
The result, $ 2.27 million including premium, exceeds all expectations. It was impossible to really estimate it prior to the sale because of the scarcity of Nobel medals on the market and of the importance of the scientific work rewarded by this one.
The price recorded the day before by Christie's on the letter of the scientist to his son, $ 6.05M including premium, also certainly had a positive effect on this lot.
The intrinsic beauty of the double helix is shown in the animation offered to the public domain by Wikimedia user brian0918:
Both strands of the helix are connected by regularly spaced links which are always constituted by a pair of chains in two couples of possibilities. When the strands are disjoined, the helix is restructured with organic matter for the creation of the second strand of a new double helix with the same genetic message as the original DNA molecule.
Crick and Watson knew immediately that they had found the secret of the transmission of information in biological material. With this key, molecular biology soon became a major science, leading to understand cell differentiation and biodiversity.
In 1962, the Nobel Prize in Physiology or Medicine is awarded to Crick, Watson and Wilkins. The Nobel gold medal and diploma attributed to Francis HC Crick are presented in a single lot, estimated $ 500K, in the sale organized by Heritage in New York on 10 and 11 April. Here is the link to the catalog.
Before Crick and Watson, no geometer, no artist had imagined this compact and steady structure.
POST SALE COMMENT
The result, $ 2.27 million including premium, exceeds all expectations. It was impossible to really estimate it prior to the sale because of the scarcity of Nobel medals on the market and of the importance of the scientific work rewarded by this one.
The price recorded the day before by Christie's on the letter of the scientist to his son, $ 6.05M including premium, also certainly had a positive effect on this lot.
The intrinsic beauty of the double helix is shown in the animation offered to the public domain by Wikimedia user brian0918:
1963 The Nerves of the Squid
2015 SOLD for $ 800K including premium
The knowledge of the physico-chemical functioning of life made its breakthroughs in the mid-twentieth century helped of course by the X-rays but also by the improvement of electricity and electronics.
Alan Hodgkin and Andrew Huxley are biophysicists and more exactly electrophysiologists. The new technique of the voltage clamp allows them to measure the electric signal across the membrane of a nerve cell.
The sciatic nerve of the frog did not allow measurements in a sufficient accuracy. Working in association with the marine biology laboratory of Plymouth in England, they use in their experiments the largest known axon in the animal reign, measuring 1 mm in diameter, used by the squid to elicit a quick reaction to a threat.
The two researchers can then model the electrical behavior of the neuron. This fruitful advance will have a considerable impact on the knowledge and healing of several nerve diseases and will enable to raise a model of the transmission of nerve inputs to the muscular system. The existence of ion channels in cell membranes will be confirmed by others much later, completing the description of the nervous cell.
Hodgkin and Huxley shared the 1963 Nobel Prize in Physiology or Medicine with John Eccles. The Nobel medal awarded to Hodgkin will be sold with various documents including a copy of the scientific publication associated with the prize as lot 1 in an online timed auction ending on October 29. The minimum bid is $ 450K.
The auction house, Nate D. Sanders, is based in Los Angeles. It is gradually becoming a leader in the growing market for Nobel medals, with successful sales reminded below.
The Nobel Prize in Economic Sciences of Kuznets (1971) was sold for $ 390K on 26 February 2015. The Nobel Prize in Chemistry of Wieland (1927) was sold for $ 395K on 30 April 2015. The Nobel Prize in Physics of Lederman (1988) was sold for $ 765K on 28 May 2015. These prices include the premium.
Alan Hodgkin and Andrew Huxley are biophysicists and more exactly electrophysiologists. The new technique of the voltage clamp allows them to measure the electric signal across the membrane of a nerve cell.
The sciatic nerve of the frog did not allow measurements in a sufficient accuracy. Working in association with the marine biology laboratory of Plymouth in England, they use in their experiments the largest known axon in the animal reign, measuring 1 mm in diameter, used by the squid to elicit a quick reaction to a threat.
The two researchers can then model the electrical behavior of the neuron. This fruitful advance will have a considerable impact on the knowledge and healing of several nerve diseases and will enable to raise a model of the transmission of nerve inputs to the muscular system. The existence of ion channels in cell membranes will be confirmed by others much later, completing the description of the nervous cell.
Hodgkin and Huxley shared the 1963 Nobel Prize in Physiology or Medicine with John Eccles. The Nobel medal awarded to Hodgkin will be sold with various documents including a copy of the scientific publication associated with the prize as lot 1 in an online timed auction ending on October 29. The minimum bid is $ 450K.
The auction house, Nate D. Sanders, is based in Los Angeles. It is gradually becoming a leader in the growing market for Nobel medals, with successful sales reminded below.
The Nobel Prize in Economic Sciences of Kuznets (1971) was sold for $ 390K on 26 February 2015. The Nobel Prize in Chemistry of Wieland (1927) was sold for $ 395K on 30 April 2015. The Nobel Prize in Physics of Lederman (1988) was sold for $ 765K on 28 May 2015. These prices include the premium.
1965 The Great Teacher of Quantum Physics
2018 SOLD for $ 975K including premium
Richard Feynman's thinking was original and effective. Reading a commentary by Dirac about the lack of understanding in the theory of quantum electromagnetism, he decides to always rely only on himself for his research while adding a playful dimension. The title of one of his books of reminiscences, Surely you're joking, Mr Feynman !, is significant.
Feynman's method was to use geometry and diagrams rather than developments in mathematical formulas. Highly motivated to share his knowledge, he was the best professor and lecturer in atomic physics, ensuring that his explanations were always clear.
His contributions in theoretical physics are numerous. He solved Dirac's problem by imagining the quantum mechanism of charged particles in rotation, for which he shared in 1965 the Nobel Prize in Physics with Tomonaga and Schwinger. He also made fundamental advances in the model of the helium superfluidity and in the theory of quarks. He was also a visionary, encouraging as early as 1959 the development of nanotechnologies.
On November 30 in New York, Sotheby's disperses Richard Feynman's research library, including autograph drafts of several lectures. Lot 67 estimated $ 800K consists of his Nobel medal and diploma along with two documents used during the ceremony.
Feynman's method was to use geometry and diagrams rather than developments in mathematical formulas. Highly motivated to share his knowledge, he was the best professor and lecturer in atomic physics, ensuring that his explanations were always clear.
His contributions in theoretical physics are numerous. He solved Dirac's problem by imagining the quantum mechanism of charged particles in rotation, for which he shared in 1965 the Nobel Prize in Physics with Tomonaga and Schwinger. He also made fundamental advances in the model of the helium superfluidity and in the theory of quarks. He was also a visionary, encouraging as early as 1959 the development of nanotechnologies.
On November 30 in New York, Sotheby's disperses Richard Feynman's research library, including autograph drafts of several lectures. Lot 67 estimated $ 800K consists of his Nobel medal and diploma along with two documents used during the ceremony.
1974 The Banquet of the Economists
2019 SOLD for £ 1.15M including premium
In an online auction ending on March 19, Sotheby's sells the Nobel Prize medal and diploma awarded to von Hayek. This set is estimated £ 400K, lot 27. Here is the link to the catalog preview.
The Prize in Economic Science in Memory of Alfred Nobel was created in 1969. This initiative of the Bank of Sweden, imitating the five prizes from Alfred Nobel's will, immediately aroused some reluctance. The Nobel family reminded the opinion of the original sponsor about the incompatibility of society's well-being with any notion of profit.
In 1974 the Prize is awarded jointly to Friedrich von Hayek and Gunnar Myrdal "for their pioneering work in the theory of money and economic fluctuations and for their penetrating analysis of the interdependence of economic, social and institutional phenomena".
By rewarding with the same quotation two thinkers whose institutional proposals were diametrically opposed, the Nobel committee had achieved an indisputable intellectual feat while generating an additional risk on its own credibility.
The neo-liberal von Hayek demanded the State interventions to be minimized. Investments that bring social progress must come from unconstrained individual savings. A redistribution of wealth by the state inevitably brings power to greedy groups that create delusion through their demagogy. Collectivism thus leads to the loss of the individual freedoms.
Von Hayek delivers his speech at the Nobel banquet on December 10, 1974. After a brief acknowledgement, he expresses clearly but courteously that such a Prize should not exist. Rewarding a conceptual work and not a rigorous scientific achievement, it offers a temptation for its own laureates to intervene outside their field of competence.
Von Hayek thus somehow joined the doubts of the Nobel family on the new Prize. In his political conceptions, the economists are the technicians who manage the relations between judiciary and government in a regime where laws must be stabilized for avoiding to slow down the investment initiatives.
In contrast, Myrdal wants the protection of individuals by a welfare state. Later he will also advocate the abolition of the Prize, with the argument that its attribution to von Hayek was encouraging the reactionaries.
A few years later the fall of the Soviet regime will be an illustration of the non-Keynesian model of von Hayek. Liberalism will come back in the Western democracies with Reagan and Thatcher.
The Prize in Economic Science in Memory of Alfred Nobel was created in 1969. This initiative of the Bank of Sweden, imitating the five prizes from Alfred Nobel's will, immediately aroused some reluctance. The Nobel family reminded the opinion of the original sponsor about the incompatibility of society's well-being with any notion of profit.
In 1974 the Prize is awarded jointly to Friedrich von Hayek and Gunnar Myrdal "for their pioneering work in the theory of money and economic fluctuations and for their penetrating analysis of the interdependence of economic, social and institutional phenomena".
By rewarding with the same quotation two thinkers whose institutional proposals were diametrically opposed, the Nobel committee had achieved an indisputable intellectual feat while generating an additional risk on its own credibility.
The neo-liberal von Hayek demanded the State interventions to be minimized. Investments that bring social progress must come from unconstrained individual savings. A redistribution of wealth by the state inevitably brings power to greedy groups that create delusion through their demagogy. Collectivism thus leads to the loss of the individual freedoms.
Von Hayek delivers his speech at the Nobel banquet on December 10, 1974. After a brief acknowledgement, he expresses clearly but courteously that such a Prize should not exist. Rewarding a conceptual work and not a rigorous scientific achievement, it offers a temptation for its own laureates to intervene outside their field of competence.
Von Hayek thus somehow joined the doubts of the Nobel family on the new Prize. In his political conceptions, the economists are the technicians who manage the relations between judiciary and government in a regime where laws must be stabilized for avoiding to slow down the investment initiatives.
In contrast, Myrdal wants the protection of individuals by a welfare state. Later he will also advocate the abolition of the Prize, with the argument that its attribution to von Hayek was encouraging the reactionaries.
A few years later the fall of the Soviet regime will be an illustration of the non-Keynesian model of von Hayek. Liberalism will come back in the Western democracies with Reagan and Thatcher.
