Why art auctions might not meet their reserves

On one hand, great hope of new leadership and a seachange in the fortune of the U.S. is in the air, and on the other hand, we have visual confirmation of the art market’s decline. The below is estimated to sell for 2 to 3 thousand GBP. What exactly is it, you may ask? As Art News Blog put it, bold mine:

An item of interest in Sotheby’s upcoming London auction on the 6th of February is a piece of shit, literally. It’s called CLOACA FAECES (NEWYORK, 26.01.2002, 2.30 P.M.) by the Belgian artist Wim Delvoye.

Is it any wonder that the art market’s not doing so hot? More disgusting than interesting, it’s called Cloaca Faeces, it’s art, and it’s on sale at Sotheby’s in early Febraury. Sure, shit has been done before in the art world, in cans and other places, but that’s no reason to repeat the feat.
Maybe President Obama can add to his agenda for change: don’t let the failing art market commit suicide.

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