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After a bit of a slump, the art market regroups and benefits from the global expansion of wealth

Basel: Bigger, better, busy as ever Stephanie Adamowicz: An Artist-Direct Auction and Its Art Market Implications Art for whose sake? Artnet: The Art World Online ArtTactic [iTunes] In the fall of 2008, as the United States economy was falling on difficult times, phrases like "subprime mortgages" and other such phrases began entering the popular lexicon. Over in the well-heeled art world, an auction of works by noted contemporary artist Damien Hirst fetched over $100 million that September. Shortly afterwards, the high end art market continued to drop, and some analysts have wondered if this may be the worst downturn in the art market since the Japanese stopped purchasing Impressionist works in 1989. This past week, The Economist reported that the tide may be turning, and they attributed this potential renaissance to globalization. Part of this transition is the wealth continues to spread across the globe, a fact commented on in the latest edition of the World Weath Report, which is published by Capgemini and Merrill Lynch. Other changes that have transformed the art world in the past several decades include the fact that many collectors buy their work directly through auctions, as opposed to dealing with dealers. One major art event that will be worth watching this week is the Art Basel Miami Beach, which starts this Thursday and finishes up on Sunday. Prices may not be reach the heights of several years back, but it'll be worth checking in to see how things turn out. The first link will whisk users to the special report by The Economist published this past week. The report includes several interviews, and articles like "The globalization of art" and "China reclaims its treasures". The second link leads to a preview of the Art Basel Miami Beach show from this Monday's Miami Herald. Moving along, the third link will take visitors to a piece by an art market professional, Stephanie Adamowicz, about a recent artist-direct auction held by Ryan McGinness. The fourth link leads to a meditation on the seemingly unseemly relationship between art dealers, museums, and prominent collectors. The piece originally appeared in the Financial Times this past Saturday, and it was written by Georgina Adam. The fifth link leads to the Artnet homepage. Billed as "The Art World Online", the site offers access to information about gallery shows, online art auctions, and data from the art market world. Finally, the last link leads to ArtTactic, which contains free podcasts on the art market, along with a newsletter and other information.
Alternate Title
Suspended Animation: A Special Report on the Art Market
Scout Publication
Date Issued
December 4th, 2009
Date of Scout Publication
December 4th, 2009
Date Of Record Creation
December 4th, 2009 at 7:24am
Date Of Record Release
December 4th, 2009 at 10:00pm
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