Art world thumbs noses at world economic crisis

"At its peak in 2007 the global art market was worth around 65 billion dollars (48 billion euros), double the figure from five years earlier, according to the research firm Arts economics.

Prices slumped by as much as 50 percent during the financial crisis as works were unable to find buyers.

But the contemporary art market bounced back in 2010, when the world’s largest auction house, London-based Christie’s, saw its sales of contemporary art jump almost 150 percent over the previous year."  [Read Full Article]

Published by:  Hurriyet Daily News
On:  10/23/11
Website:  http://www.hurriyetdailynews.com

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