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Post by lowpro on Apr 5, 2011 19:03:57 GMT -8
www.theatlantic.com/business/archive/2011/04/the-art-of-bubbles-how-sothebys-predicts-the-world-economy/236852/As a trader, I've long been wary of another market crash, worse than that of fall 2008, since the unprecedented run up in equities from the March 2009 bottom. Even despite record corporate profits across the board, the systemic problems have only been exacerbated thanks to Bernanke being dead set on crushing the Dollar and artificially propping up financial markets with free money. As a collector, I've been equally fascinated by the even quicker recovery in art markets. Some of these record results from the major houses the past year or so, especially the endless stream of obscene ones from this year, have been nothing short of shocking. While I've been burned recently getting net short equities, this article presents yet another indication that things aren't nearly as rosie as the media would like the public to think and there may be some serious ugliness on the horizon. Pretty interesting stuff.
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Post by jB on Apr 5, 2011 19:30:31 GMT -8
interesting read there. thanks for sharing that. let's just hope it's not a sure sign of more problems to come.
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Post by svenman on Apr 6, 2011 0:24:54 GMT -8
yes definitely a good read. thanks walt. i wonder how these sort of auction results spiral downwards into the private gallery scene? the old adage of recession strengthening the quality of new art being produced seems to ring true. i'm not seeing the sorts of 'quantity ahead of quality' shows that were so prevalent over the years of 2007/2008 for sure.
shows aren't selling out so much these days though, so i guess that grass roots collectors are still voting with their wallets. maybe more work is being sold now though than this time last year?
it would be interesting to get a spin on the state of the market from some of the gallery folks that inhabit the forum.
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djsp
Full Member
Posts: 134
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Post by djsp on Apr 6, 2011 20:15:34 GMT -8
Thanks for that article. Definately something to think about. Though I guess to a certain degree that is what happens as a new economy starts to blossom, everyone wants to flex their "I have money and I'm cultured" muscles.
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Post by Weezy on Apr 8, 2011 21:34:44 GMT -8
Maybe I'm living in a fantasy, but my thinking is that the recession has been a great time to buy art. First, any artists and galleries that survive are doing something right. Second, if by acting lightning fast you can actually get a decent piece from a coveted artist who in this economy can still sell out a show, that's great. If that artist is still around during the next boom, you'll be happy you got in before the price appreciation and clamor for the work leaves you outpriced or way down on the list.
Weezy
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