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For much of last year the art market was still booming as the rest of the economy fell deeper into recession selling them.
Million the laws.
But by -- the bottom fell out of the art market.
And by the end of 2000 and -- total art sales posted by Christie's and Sotheby's auction houses.
-- more than a billion dollars lower each and the year before people ask a lot about whether the art market bubble has birds.
I definitely say that some of the air has been let out of it.
Is a fine art advisor in New York City looks out five -- 89 points when the stock.
Extremely volatile in the fall of 2008.
The art market team that's never really happened before.
Literally moved back to the seventeenth century we're in a whole new world it's a good example.
Of how prices.
Adjusted to hit in to announce an eight.
Is the artist an off -- -- -- -- -- was exhibited alongside people like Jackson Pollock Willem de -- And a lot of the other -- great New York artists in May of 2008.
Christie's sold a really fantastic.
Got -- for about six million dollars in the fall of 2008.
Christie's sold another godly and it was an absolutely.
Beautiful picture and they had to practically give it away at one point four -- Act is a masterpiece.
He is a great example of Joni Mitchell's work she is a first generation abstract expressionist painter.
The same it has to kooning and Pollack for example.
-- -- a partner at the prestigious chime in and -- gallery in New York city's Chelsea district.
Every single market in the world.
Has been affected by the change in the global economy.
Anybody who said it hasn't impacted our market is -- there was a whole -- of collectors speculators that were spurred on by both hedge funds.
And the auction houses and they were led to believe that art is illiquid asset.
I -- what when you can't live things.
So in this economy what art should people investing -- People want.
Tried and true thing they want historical relevance they want undervalued artists.
Undervalued artists like wolf -- whose work is in museums like the museum of modern art and the metropolitan.
I have Oprah Winfrey -- -- -- of mine.
And a lot of rich people -- pockets are empty after about those -- How much that works its -- self -- I think it's 7080000.
Much too much I mean known him by -- you mean by a a condemned house these days.
If I'm trying be very pessimistic.
Because of the recession.
And at the same time I'm also aware that once somebody's -- art collector.
You know lawyers have very difficult habit to break.
I'm Nadine -- can.
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