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The Boom is Over. Long Live the Art!

Last year Artforum magazine, one of the country’s leading contemporary art monthlies, felt as fat as a phone book, with issues running to 500 pages, most of them gallery advertisements. The current issue has just over 200 pages. Many ads have disappeared.

The contemporary art market, with its abiding reputation for foggy deals and puffy values, is a vulnerable organism, traditionally hit early and hard by economic malaise. That’s what’s happening now. Sales are vaporizing. Careers are leaking air. Chelsea rents are due. The boom that was is no more.


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