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...

Major auction houses in London have estimated sales at less than a quarter of the sales of last February. In response to this, auction houses are being more careful about which pieces they take on for sale, only choosing quality works that are correctly priced. They are also taking on less works, so as not to be left with a surplus. Join discussion...

The decrease in the price of artwork is making people cautious about selling their art because they want to take more time to see where prices are going in the future. It is difficult for auction houses to obtain artwork for this reason. Sotheby's auction last year made 72 million pounds. This year, the auction is being held on the fifth of February. The presale low estimate of 16.55 million pounds is less than a quarter of what was made last year at this auction. Selling percentages and prices have been decreasing since the last quarter of 2008 due to the current economic crisis. It looks like things are looking downhill for art dealers at the moment. 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...

Interesting NPR article about the rise of online art fraud. What does this mean for the future of art sales in this new medium? Listen and find out. Join discussion...

If "right wing" ideals (in realtion to the art world) may be characterized by support of "all things capitalistic," contemporary art may be accuratly deemed that: it is a global buisness. The UK Shadow Minister for Culture proclaims that "Artists have become brands, and their work is their product." In fact, it has been so for ages, theoretically beginning with the deMedici's patronage. Moreover, both groups celebrate the enterprenuer. In the modern world however, artists tend less and less to engage in the political debate. What is hard to ignore, then, is thoes who do: they usually do so from a left-wing perspective. Also, in considering the work itself, themes and ideas tend to be liberal. One may conclude from the arguments above depicted that though the modern art market is conservative, the art and artists involved tend to lean toward the left. Join discussion...