The mood was ambivalent at Sotheby's in London last night. It felt like everyone was collectively holding their breath. Despite Degas' ballerina "Petite Danseuse De Quatorze Ans" going for the top end of its estimate only a couple of evenings before, last night was being perceived by many as the first big post credit crunch test of the contemporary art market.
There has been almost as much discussion about what will happen to art prices as to share prices...
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