It’s definitely a bubble, but when it will burst is anybody’s guess
From the Art Newspaper - By Richard Feigen | Posted 03 July 2007 - The writer is director of Richard L. Feigen & Co. in New York and author of “Tales from the Art Crypt” (Knopf, 2000)
The sources of the “bubble”, if such it be, trace back to the mid 1980s. It was then that art began its transformation from luxury to fungible asset, from bagatelle to investment. Banks started to lend money on art and form “art advisory” departments. Auction houses began providing “guarantees”, “advances” and “financial services” to buyers and sellers. Art had been monetised. Tales from the Art Crypt” (Knopf, 2000)  |
