NEW YORK - Tuesday's contemporary art auction commentary
Posted on November 13, 2008 at 7:38 PM.
A thousand people in the room and you could hear a diamond cuff link drop. The art-market elite that attends the ticketed contemporary evening sales had been waiting, worrying, and imagining the worst. As one collector told me before the auction, "This is the downturn of the upper class. The second-home market is completely paralyzed. Even if people have money, will they want to be seen spending it on art?"
Bare Market (ArtForum)
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