Archive for the A.O. Scott Category

So, on the eve of Hollywood’s annual bloviatathon, before we get sucked into, as A.O. Scott put it in the NYT, “the pomp and tedium of Hollywood spectacle,” let us call an end to—once and for all—any further discussions of the great (personal) waste of time that is the American Entertainmo-Industrial Complex.

Are we all agreed?… Great! Now we can return to more pertinent and pressing issues (and CAFA obsessions): The impending failure of the art market.

A recent story, in The Art Newspaper, speculates on what will be the exact timing, depth, and duration of the inevitable, looming bust. Anyone who has any sort of interest in art, or in the art market, should read this article. While there is no consensus about what shape the market crash will take, make no bones about it, arts-lovers (much as I hate to say it): Doom is neigh.

“Everyone is wondering if the downturn will be like 9/11”

New York dealers fear the worst

Brook S. Mason | 2.13.08

US dealers are admitting to sluggish sales, hesitant clients and cancelled deals amid continuing financial market woes, which last month saw America’s largest bank, Citigroup, post a $9.8bn fourth-quarter loss.

“Nobody wants to say the sky is falling but perception affects every market and clearly, we are entering a new period in the economy,” said Martha Fleischman, president of Kennedy Galleries. “The people who see art as part of their portfolio and like to flip will get an education very quickly this year,” she added.

“There are more dealers hanging on by their fingernails but no-one will go on the record,” said a prominent art world public relations expert who did not want to be named. “Everyone is wondering if the downturn will be just like 9/11,” she added.