Is the Art Market Due for a Correction? Maybe Not.
Is the art market experiencing a new boom, or is it all just another bubble destined to burst? With artists seemingly setting benchmarks at auction on a monthly basis and prices at fairs for pedestrian artworks pushing into the millions of dollars, there are fears in the art world of another crash. Privately, some people are talking about a steep market correction—as much as 60 to 80 percent in the contemporary art sector.