This week, the art market continued to show strong signs of recovery as leading auction houses Sotheby’s and Christie’s held their Impressionist and Modern art sales, setting records and at least tripling the total brought in by the same auctions last May.
As early as mid-2007, there was speculation that the bubble had begun to deflate, and by late 2008 it had burst outright, laying the groundwork for a rough 2009. Sales at Sotheby’s and Christie’s each declined around 50% from the year before, and collectors’ interest in contemporary art (including works by up-and-coming artists) waned.
Question: I have a “nanoeconomy” question. Most of us go to the grocery store once a week. Which would be better for the economy overall if everyone did it: to go to the same store every time, or to try … Continue reading