Announcement

Collapse
No announcement yet.

Beethoven's capital and shares.

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

    Beethoven's capital and shares.



    Share of the Privileged Austrian National Bank issued to Ludwig van Beethoven




    Beethoven repeatedly used his shares as security for loans, he lend on them and later amortised them. Furthermore, he received an annual dividend of 30 fl. Convention coins, paid twice a year in January and July. He obtained an additional payout of the bank's gains in the form of an exceptional dividend after the annual balance of accounts in January. The capital gain was immense: Between 1819 and 1825, the price for one share more than doubled from 500 fl. to 1,202 fl. Because Beethoven always considered the share as inheritance for his nephew Karl and thus not intended for sale, he preferred contracting debts to reducing this fortune. Despite his intention, he had to sell one share in September of 1821 as his financial situation had drastically worsened due to a prolonged sickness.



    In January 1827, Beethoven declared his nephew Karl the sole heir of his belongings and seven bank shares. After consulting with his legal counsel Bach and Stephan von Breuning - then Karl's custodian - he added the following a few days before his death: "My nephew Karl shall be the sole heir, the capital of my inheritance shall be given to his natural or testamentary heirs." As it was feared that Karl would support his highly indebted mother with Beethoven's inheritance, he should only receive the earnings while the capital was intended for his own heirs. Apart from the two shares now owned by the Austrian National Bank, two other shares are at the Vienna City and State Library. In 1864 and 1874, the Deposits Office handed both shares over to Karoline Johanna van Beethoven, daughter of Karl and Caroline Barbara (born Nasken) van Beethoven.
    The shares of which only a few friends and his brother knew were the main part of Beethoven's inheritance (73 %). The composer led a rather frugal life and spent only minor sums on luxury articles, died as a rich man. Just 5 % of the Vienna citizens left a similar or higher fortune, 77 % left only a tenth or less. Based on the conversion factors calculated by Roman Sandgruber and under reserve, Beethoven's inheritance can be estimated at around 145,000 Euro. To compare: Bandmaster Antonio Salieri left three times as much, Joseph Haydn, bandmaster and "private composer" for Prince Esterhazy twice as much.
    Beethoven certainly did not lack anything and was not an impoverished artist. Still, his repeated complaints are to be taken seriously as they show that he always worried about his financial situation since he did not have a permanent employment. Whatever the case may be, he was able to fulfil his wish of living an independent life, especially in an art-related aspect.
    ‘Roses do not bloom hurriedly; for beauty, like any masterpiece, takes time to blossom.’

    #2
    He still had less money than was equal to his genius when one thinks of the likes of today's pop tarts, who wail and prance about half naked, can't play an instrument or write a note, yet have millions in the bank.
    Ludwig van Beethoven
    Den Sie wenn Sie wollten
    Doch nicht vergessen sollten

    Comment


      #3
      Originally posted by AeolianHarp View Post
      He still had less money than was equal to his genius when one thinks of the likes of today's pop tarts, who wail and prance about half naked, can't play an instrument or write a note, yet have millions in the bank.
      You didn't mean pop tards, did you?

      Comment


        #4
        People in those days lived very much like people in our age...either you live richly with no money in the bank or live simply with money in the bank. Beethoven belonged to the second group, at least in the last part of his life. Voluntary simplicity! He probably found comfort in knowing that if his muse was to leave him, he could continue to support himself and Karl.

        Comment


          #5
          Originally posted by Sorrano View Post
          You didn't mean pop tards, did you?
          Substitute the a for a u Paul!
          Ludwig van Beethoven
          Den Sie wenn Sie wollten
          Doch nicht vergessen sollten

          Comment


            #6
            Originally posted by PaulD View Post
            People in those days lived very much like people in our age...either you live richly with no money in the bank or live simply with money in the bank. Beethoven belonged to the second group, at least in the last part of his life. Voluntary simplicity! He probably found comfort in knowing that if his muse was to leave him, he could continue to support himself and Karl.
            Hmmm..there were the super rich in those days- the aristocrats who had huge amounts of money for mostly doing...very little, but were considered above anyone else which of course Beethoven didn't have a lot of time for.
            Ludwig van Beethoven
            Den Sie wenn Sie wollten
            Doch nicht vergessen sollten

            Comment


              #7
              Well said AeolianHarp! Also they were the aristocrats who were actually bankrupt but hid it very well. In fact, any combinaison can be imagined between apparent fortune and actual fortune...the same goes between apparent talent and actual talent! Today the music conglomerates decide what should be considered good and what should be considered bad and then flood the waves and the electronic media with it. Luckily, it is still possible to be a better judge and find true musical art but for how much longer...

              Comment

              Working...
              X