The First World War marked a shift from liberalism and internationalism to a period characterised by nationalisation, ethnicisation of citizenship, and economic protectionism. The art market’s history aligns with these narratives, highlighting the fragmentation of a European trade zone and the disruption of a transnational trade equilibrium. The war prompted significant structural transformations in these markets, with Germany seeing a surge in art investment as a hedge against inflation. In Britain, art sales were driven by tax obligations and national service investments. Conversely, the French market struggled, facing stagnation and a focus on preserving existing collections due to the threat of destruction. Neutral countries such as the Netherlands and Switzerland maintained stable art markets, fostering avant-garde movements and serving as hubs for buyers and sellers. The year 1914 catalysed structural transformations in these markets, highlighting how modern warfare altered art’s perception, value, and trade.