Over at Artnet today Charlie Finch predicts that, should world economic conditions continue as they are, the current art market bubble will burst.
The main evidence of this, he says, lies in the the 32 percent drop in revenue at the Hong Kong auctions compared to last year. From the column:
“Stipulating that the world economy is just beginning a marked deflationary downturn, I predict that, in six months, art prices will be down, across the board by 50 percent, falling faster with no takers.”
That’s a steep drop! He says to watch the November sales for signs of bottoming out.