This article, titled "Sotheby’s Impressionist Sale Hits 7-Year Low as Picasso Flops", conveys just how hard the art market has been hit by the poor economy. The Sotheby auction's total draw was expected to be at the very least 81.5 million dollars, but ended up being closer to a devestating 61.4 million. It was the lowest number since Sotheby's 2001 election which occured shortly after 9/11. The Picasso painting which was left unclaimed by the end of the night was the former possesion of a New York real-estate developer who was an investigator in the Bernie Madoff ponsy scheme. Join discussion...

Sales were disappointing at an auction in Hong Kong held by Christie's in November. Although a whopping $18,139,980 (US) was made in sales, only half of the pieces for auction sold. This is a significant decrease from previous auctions held in China, especially considering the clamor for contemporary Chinese art in the months leading up to the auction. Some of the pieces did sell well, however; a portrait of Lincoln by Korean Kang Hyung Koo exceeded its high estimate, and Zhang Xiaogang’s "Bloodline: Big Family, No. 2" sold for $26,420,000 (Hong Kong) as the most expensive item to be sold. This is apparently disappointing, however, and the loss of interest is attributed to the global economic situation. Join discussion...

A team of two artists, Nora Ligorano and Marshall Reese, have come up with a plan to literally display our economic meltdown. On October 29, they will set up the word ECONOMY, carved out of ice in Foley Square, near Wall Street. Then, these letters will melt. The date was chosen because it is the anniversary of of the stock market crash during the depression. The event begins at 9 AM and will last about 24 hours. Join discussion...

Following a record auction sale by Damion Hirst, now the art market sales are going down. According to Christie's, "masterpieces are seeing excellent prices, but sales will be more difficult for less exceptional works or those believed to be over-rated." Join discussion...

The "Van Gogh and the Colors of the Night" exhibit at the Museum of Modern Art has been enjoying its month of profound success so far, but Mr. Lowry, director of MoMA, fears what the economy crisis will mean for his line of work. A ten percent cut in the general operating budget recently took effect at the museum, as well as a temporary hiring freeze during the past week. “Caution is the word of the moment,” Mr. Lowry said. Museums across the nation are bracing themselves for an economic meltdown. Mayor Bloomberg of New York City proposed the department of cultural affairs decrease spending by 2.5 percent this fiscal year. Development officers are desperately searching for funding for their major loan shows. Many think the outcome of these sacrifices and challenges will not begin to reveal itself until later in the fiscal year, after people have made tax-deductible donations. Join discussion...

Sotheby's sale of 20th century Chinese artwork on October 5 ended with 110 remaining pieces and many low prices. Sotheby's earned only half of their expected profits. However, despite the sales losses, the auction was busy with interested buyers. The sales and prices have suffered due to the economic crises, not the disinterest of the art community. After the October 5th auction, Sotheby's shares fell 14%, a three-year low. Hope remains, as Southeast Asian art has been impacted less. The art community has not abandoned Asia yet. Join discussion...

This article is explains the current downfall in the American economy. It gives examples on how even the most successful companies are experiencing great, debilitating losses due to "financial market woes." The article, by Brook S. Mason, investigates the causes of these financial problems. It concludes that many of the continuing downfalls in prices are due to sluggish sales, hesitant clients, and cancelled deals. Multiple resources and scholarly individuials are cited and referenced to give the article's argument a strong factual foundation. The article the moves on to discuss the impact this will have on the market for art today. It cnocludes that all artists, including the successful ones, will be hit with a drop in their prices and a loss in their profits. It goes on to conitnue discussing other effects it will have on the art market. I think this article was very interesting because it discussed the economy and related current events in politics and the economy into an artistic issue. Also it had convincing, credible arguments that give the reader a sense that they have learned something as a result of reading this article. Join discussion...