I like Richard Polsky’s articles quite a bit. They are reasoned, real world assessments of the market worth of art and the business of the art world. He always seems fair and honest in his appraisals and prescient in his decisions. I found this article really informative as he gives a bit of the financial history for the current fiscal mess in which we find ourselves. Pay attention specifically to the info he gives us regarding the last market crash. I hope that each of you has made arrangements and hedged a few bets for these hard times. It’s not going to get better for quite a while, and we may be looking at something unprecedented – and the truth is I don’t quite know yet what that means. One thing’s for sure, it’s going to get interesting.
” At the beginning of the 1990s, the battle cry among dealers was, “Stay alive until ’95.” Many didn’t. By some estimates New York lost 40 percent of its galleries and blue-chip art declined in value by two-thirds. Nobody has any idea how many artists dropped out. The established artists whose prices declined the most were the ones who experienced the greatest speculation…”