With hard asset commodities (silver, et al), declining and the previous two nights' auctions (in which there were few works of note), performing without sparkle, I am beginning to reflect on May of 2008. It was the last good auction for a while. Shortly thereafter the economic crisis became evident to art buyers.
With a second economic crisis looming, one should approach the art market with a conservative view as in other markets. Art prices generally follow other markets within months. For background information about art as a market and its performance please visit my blog at: www.asheredelman.com
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