Recession

Archive
February 2015

Comment: it’s the economy, stupid—and the art market is no longer immune to its vicissitudes

While the 2008 global financial meltdown largely failed to dent sales, in 2015 our editor-at-large warned that the falling oil price experienced at the time could prove much more serious

Archive
December 2008

Jerry Saltz: 'The market is a place to support junkie-like behaviour in public'

The New York critic discussed the recession, likeability and why the market is like magic mushrooms in a 2008 panel

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Art market

Caution is the word for collectors and dealers at this year's Pavilion of Art and Design London

Though sales have been fairly solid at the fair, few very high priced pieces have been shown due to anxiety around the stock market crisis

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Art market

EU tax and regulation changes and more sales could allow the European art market to retain top spot over China

Yet the EU's share of the market is steadily declining and the US may already have lost its lead

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Art market

Auction guarantees are dividing the art trade

Insurance for sellers or market manipulation?

Archive
January 2011

US art sponsorship suffering after economic crisis, survey shows

Corporate giving down 14% over three years according to Business Committee for the Arts

Archive
December 2010

The market bounces back from the recession as big-ticket works sell for big-bucks

But despite strong headline sales, missed estimates and cautious collectors signalled that 2010 would not be a return to the wild days

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Art Basel in Miami Beach

Steady nerve required by dealers as buyers take their time—but lower price points encouraged sales at Art Basel Miami Beach

Who needs celebrities? It’s the serious collectors that count

Archive
Eli Broad

Eli Broad addresses the American Association of Museums: LA Museums should be pulling in the crowds

The collector lectures museum professionals at their annual conference in Los Angeles

Archive
May 2010

Why do certain works still set auction records during recessions

We noted in 2010, amid a painful global downturn, that a Picasso nude carried the largest pre-sale auction estimate in history at $70m to $90m

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TEFAF Maastricht

TEFAF '10 fair report: Galleries bring out their best for Maastricht fair

Art and antiques fair builds on last year’s success of attracting high-spending collectors with a new section devoted to works on paper

Archive
Interviews

Interview with dealer Andrea Rosen on 20 years in the business: “People are rightfully cautious and focused. I like that”

The pioneer of the resale agreement talks about the recession and what it means for both artists and collectors

Archive
July 2009

How to beat the recession: cut costs, slash prices, don’t lie and be creative

During the Great Recession in 2009 we reported that gallerists must act "quickly and brutally" in order to survive

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Art market

Is China ready to recover from the collapse in prices that saw the disappearance of scores of galleries in the first months of this year?

Despite state subsidies and heavy promotion, not everyone is feeling the benefit

Archive
Gagosian Gallery

Gagosian doubling space in Los Angeles

Meanwhile, Steven Kasher moves in on Gagosian territory

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Art market

Economically tough times lead to backroom deals and distress selling

Now that auction houses are no longer offering guarantees, an increasing number of purchases are likely to take placeas discreet transactions brokered by art dealers

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Collectors

Art as collateral

Collectors use art to raise funds as liquidity dries up

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Art market

US collectors are driving hard bargains in what has become a buyer’s market

In an economic downturn, collectors are calling the shots

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Opinion

Tough times in the art market may create new opportunities

The current drop in activity may be healthy for the sustainability of the future art market

Archive
November 2007

Mortgage crisis and resulting stock market plunge be damned—the party isn’t over yet

In 2007 we noted that strong sales at auction and fairs and more money coming from Russia, Indian and Chinese collectors indicated that confidence in art remained strong

Archive
September 2007

Comment: if the hedge funders ditch art, new buyers will emerge

In 2007 the economist James Sproule examined the risks facing the market—and the good news was it was not all doom and gloom

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Art market

Is the art market in a boom or bubble?

Our art market editor assesses the current rise in spending

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Art market

Auction sales of art shrank again in 2003

Figures show between 1.2% and 17% decline in turnover

Archive
Lisson Gallery

Diary of a London dealer, Nicholas Logsdail: “I think I changed the landscape”

Why the art market is holding up as stock exchanges plunge, and why there are 10 times more collectors than in 1990

Archive
May 2001

Interview with economist William N. Goetzmann: 'The financial and the art markets do not crash at the same time'

In 2001, the Yale professor attributed the one- to two-year lag between crashes to the time it takes to liquidate assets

Archive
May 2001

Eight leading market figures on what the next recession will mean for the art world

In 2001 they predicted that some areas such as the Old Master market will remain stable but that trendy art would lose its zip

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Art market

The mass gallery exodus from SoHo continues despite rumblings of a recession

Chelsea becomes the new home of many even as it becomes ever more expensive

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Art market

Experienced art dealers advise on how to survive during a time of economic confusion

Experienced dealers tell The Art Newspaper how they weathered previous slumps

Archive
Museums

Houston's Museum of Fine Arts bucks the recession in Texas

The museum's endowment has grown to $157 million and a $50 million building by Raphael Moneo comes next

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Art law

Is the French art market subject to enough regulation?

A recent symposium at the Crédit Municipal examined ways in which the market could be improved

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Art market

Brodsky tables bills to restrict the freedoms of N.Y. auction houses

Populist legislation involves no more “chandelier” bids, loans to buyers, or secret reserve

Archive
March 1991

A guide to bad times: why the market downturn is good news for true collectors

We observed that while the market was feeling fragile during the 1991 slump, fortunes have a way of turning around