Wednesday, 3 September 2008

Short contemporary art

Except Chinese contemporary art, obvious. From the FT:
modern art has mainly been bought by the nouveaux riches who made their money in the bull market: the hedge fund managers, the investment bankers, the media moguls. Most of these would-be collectors are running for cover, having been battered by the credit crunch, with bonuses and bumper payouts now just a memory. The few rich left – the Russians, oil sheikhs and the like – don’t buy much contemporary art. The years of easy money, which have driven so much asset price inflation, are surely over and now is the reckoning, when the froth evaporates.
I agree with Luke Johnson. This year's Frieze is going to be interesting.



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