The news that art prices have plunged 35 percent probably would've bothered a certain collector of pictures up north, if he had plans to sell, but like we've been told over and over and over again, these girls are on display for you to look at but not touch, fondle or buy. So all this really means is that our favorite Southern CT pimp is about to go on a tear, adding to his stable of biatches on tha cheap.
The Mei Moses index, set for release on Tuesday, shows art prices fell 35 per cent in the first quarter, having held up during earlier months of the financial crisis.
The overall index fell 4.8 per cent last year.
The decline accelerated as people who lost money in the financial crisis, including victims of the Madoff fraud, put up works for sale, often at a loss, several art world insiders said.
The selling has particularly hit works by postwar and contemporary artists, they said. The Wall Street elite had favoured such works during a seven-year boom in art prices. The best performing postwar artist, Andy Warhol, saw a decline in the value of his work. A Warhol portrait of Mick Jagger sold for $1.1m in the quarter. The seller bought it in 2006 for $1.5m.