The BBC produced a radio piece on the art market recession. It provides an interesting take on how value is changing in the art world, perhaps for the better. Here’s an excerpt from the accompanying article:
“There is a view that this is all a good thing.
If you do like art, runs the argument in the trade, a collapse of silly prices might winnow the over-hyped rubbish a bit like a fire clears land of weed for new growth.”
And, from the radio piece:
“A really great bubble raises the price of everything, but also, that which is most worthless.”