Flush from record-setting May and June sales in New York and London, Sotheby’s, Christie’s, and the boutique house Phillips de Pury assumed that the good times would roll on. But will the art market bubble finally burst this year?
After three years of speculation about a bust, will this be the moment when the art market finally crumbles? Auction house experts who have spent the last six months mapping out the sales say the business-getting season fell into two distinct chapters: before the subprime mortgage crisis struck in August, and after.
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