The NY Times has a nice article up about the recent demise of the art boom, you can find it here.
The contemporary art market, with its abiding reputation for foggy deals and puffy values, is a vulnerable organism, traditionally hit early and hard by economic malaise. That’s what’s happening now. Sales are vaporizing. Careers are leaking air. Chelsea rents are due. The boom that was is no more.
Be sure to pay attention to this bit:
Every year art schools across the country spit out thousands of groomed-for-success graduates, whose job it is to supply galleries and auction houses with desirable retail. They are backed up by cadres of public relations specialists — otherwise known as critics, curators, editors, publishers and career theorists — who provide timely updates on what desirable means.
It’s true.
