Tag: art market



The Business of Art: An Art-Market Recession Report

The opening of 31GRAND’s space on the Lower East Side, July 2007 Since last fall, a fog of uncertainty has blanketed New York’s art world as galleries, artists, and collectors have tried to make sense of the current economic recession. While the economy was still in free-fall, New York Magazine critic Jerry Saltz predicted a dire economic future:…

The Business of Art: What Happens When the Bubble Bursts?

Collectors at the Armory Show (2005). Photo: Nick Stillman Although the US economy has remained stagnant throughout the last several years, the market for contemporary art is booming. What accounts for this upturn, and will the art market crash like the dot-com stocks did in 2000? Even the best professionals find it impossible to time the market. George…