The London Art Scene Feels a Chill [WSJ]
Torrid inflow of money from Russia and Middle East slows to trickle; remaining buyers get conservative
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Newsflash
No One Is Immune[Philthy Conversations with Artists] But even during these auctions, optimists were saying that the globalized nature of the art market would save it. Even if art didn’t sell in the US, UK, and EU; the Middle Eastern, Asian, and Russian markets should be somewhat immune and dealers could count on them. No such luck. Even though they haven’t been hit as hard as us, the other side of the globalization coin is that when we sink, they sink. For example, the Abu Dhabi art market, which had gone up 400% in the last 4 years suddenly dropped and the main reason was oil. Since oil prices have finally come down over here (something we are happy about) that in turn takes money out of the pockets of people in the Middle East (something they are not happy about.) Now, we normally wouldn’t lose sleep over someone in Abu Dhabi having less oil-sale spending money, but what if you are an artist, dealer, or auction house trying to make a big sale over there? Suddenly their pain is your pain, and vice versa. |
