• NOVEMBER 15, 2008

Call This One 'Crisis With a Pipe'

Financial Downturn Finally Leaves an Impression on the Art Market

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The global financial crisis dealt a blow to the art market during the flagship fall auctions in New York City that concluded Friday, as fewer collectors were willing to splurge on the world's priciest artworks. Overall sales were less than half what they were a year ago, and a majority of works were offered at prices far below their presale estimates.

Art-market watchers had predicted sluggish results. These sales show that the art market is no longer immune from the global credit crisis that has already upended other industry sectors. (See related commentary.)

New York's two chief auction houses -- ...

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