Yesterday the stock market dropped 486 points, despite the fact that most of the world is excited to have a new president coming into office. The economy seems to be entering the big “R” (recession) despite all that hope and change rigmarole. Let’s relate this to the art market.
Without actually reading any of the articles below, what can we surmise from their headlines?
New York Times:
Bleak Night at Christie’s, in Both Sales and Prices
Yesterday’s headlines from The Art Newspaper:
Auction houses embark on damage limitation exercise as market slumps
After years of growth, a long way to fall?
“Hot” categories cool rapidly as crisis bites
Anyone have an idea what this means? Any wild guesses? No…well, let’s look at this chart from The Art Newspaper’s “After Years of Growth” article, which ends in September 2008:
Note how the lines, representing different prices points, went way up. Now see my graph, using advanced scientific formulas and graphing software, to irrefutably predict the future:
Countless people, like your prudent parents, and articles will be telling you how to save money in the upcoming recession, stretch your dollar, etc. Well, I won’t tell you that. I’m telling you
BUY BUY BUY!
Buy what you love. Do it now if you are at all in a position to do so. Snatch up that cheap Chinese masterpiece or contemporary cutting edge foot statue you’ve been eyeing. This is your chance.
I would if I could.