Look Out Damien Hirsts of the Art World…

The recent major auction for Fall 2008 at Sotheby’s illustrated a clear point on the 8th of October: the art world is no longer safe from the economic woes of the larger world. An unprecedented collection of work, including the Skulls Series by Andy Warhol went up for bid to a much thinned-out, much less willing to buy audience than in recent months. They sold for a little less than half of the highest expected price. Though the financiers who grew rich from the economic bubble have been tangibly absent from major art auction houses in recent months, sales were better than expected due to the presence of middle eastern and Russian buyers who have been relatively insulated from the global financial crisis. Now however, it is clear that with sales and prices dropping for major work, a recession is also likely in the world of art.  They call us “starving artists”, well, with the upcoming downturn we may end up resembling Warhol’s Skulls more quickly than anyone expected.

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