NEW YORK - Art market shows evidence of weakness

Historically there has been a loose correlation between the wider economy and the art market, which has taken around 18 months to react to financial downturns. It is now over a year since the sub-prime mortgage fiasco began to unwind. October's Frieze Art Fair and the following contemporary sales in London and New York will once again hope to defy economic gravity.
From The Art Newspaper article Sign of things to come? New York art market shows evidence of weakness