Reflections on art and architecture by TIME critic Richard Lacayo.
Taking the Plunge?
As the American economy plummets ever deeper into the tank, the fate of the art market may not be the first concern for most people, but this piece from Bloomberg.com suggests that, the success of the Damien Hirst auction notwithstanding, the long anticipated shakeout in that realm is underway, at least in the mid-price markets that had been softening up anyway for some time.
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Like the NYC-area housing market - $60 million penthouses (Thomas Frank's "Upper Richistan") are fine, but $500K flats ("Lower Richistan") are not...
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