Art Market Hits ‘Mania Phase,’ School Fights Air Rights Decision—and More

While the art market is still soaring, scholars warn it's headed for a “severe correction.”

The 2011 LISTE Art Fair. (Photo: Wikipedia)
The 2011 Liste Art Fair. (Photo: Wikipedia)

A report from the University of Luxembourg claims that while the art market may still be in the “mania phase of its formation,” with virtually no end in sight for its sky high prices, it’s actually headed for a “severe correction,” especially in the Contemporary and American art categories.

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Art Market Hits ‘Mania Phase,’ School Fights Air Rights Decision—and More