Talk about a double dip recession has coaxed the oracles of the art world away from their swimming pools to their laptops. Savvy trend-watchers have been grappling with a surprisingly meaty question for this time of the year? Will the art market follow equities into “correction” territory, or worse, this fall?

The verdict? Maybe. Or maybe not. They don’t call it the dismal science for nothing.

Adam Lindemann in the New York Observer compared art unfavorably to gold. “Despite all the talk of art as investment, and the fact that a lot of art has appreciated, I think you would still be much better off with gold,” he concluded. Noah Horowitz, answering interview questions in the same publication, said art has more in common with gold—as “as a durable good,” he argued, it “is attractive to people in times like this.” However, he cautioned, “If we see a decrease in wealth levels of the elite, that’s one way to gauge how art will be valued.”

With more gyrations almost certain to roil the financial markets, expect a spike in art-market prognostication in the weeks to come. Yet as Noah correctly points out, we’ll need to get past the big fall art fairs to get a true read on the market’s direction. In the meantime, here are three dynamics to watch.

First, will the bifurcated trend pattern separating hyper-luxury from everything else persist, or will a potential downturn be severe enough to sink all boats? The post-2008 experience tells us that horrible things can happen to the economy while the upper-upper tier of the market chugs along, relatively unscathed.

Second, has so much excess been built into the art market as to threaten a nosedive? Read More »

Sarah Thornton in The Economist magazine recently described the art market as a bubble bath – an apt metaphor for a market made up of a myriad distinct markets for individual artists, each one expanding or contracting at any given time. It appears that, as of late, the foam is getting frothier, or the bath is getting bigger, or both.

At an Art Basel dinner earlier this month, a dealer told me about a collector who missed a chance to buy a work on opening day because he came back to the booth “twenty minutes after the reserve deadline” – a prime froth indicator. There were signs of invigorated confidence everywhere.

The auction market is likewise pushing into boom territory, as last week’s London auction sales attest. Christie’s evening contemporary and post-war auction saw twenty-five works sell for over $1 million, including a 1953 Study for a Self-portrait by Francis Bacon for $28.6 million, two-and-a-half times above estimate. Netting $126 million, it was the second biggest sale in its category for Christie’s in London. Sotheby’s contemporary art evening sale did even better, totaling more than $174 million, the highest ever for a contemporary auction in London, with forty-five lots going over $1 million. Both sales produced stellar sell-through rates, set numerous records, and drew buyers from all over the world.

In the early build-up phase of a boom, the market can achieve a kind of self-reinforcing pattern. Formerly cautious sellers offer up material they were reluctant to test on the market earlier. Quality work stokes more buying and bidding, which coaxes more quality inventory off walls and storage racks, propelling yet more sales and price increases. Read More »

I got back from Art Basel this weekend on a plane full of artworld types, with fresh impressions for my interesting disconnects file.

First, between the ebullience of the art fair and the dark financial clouds roiling over Europe, where states teeter on the edge of insolvency and people are taking to the streets. There is a yawning chasm right now between the revived luxury spending boom and the malaise that grips the bottom ninety-eight percent. The subject kept coming up, quietly but persistently, at parties around town.

Second, during an Art Basel Conversation I moderated on the future of museum collecting, a London-based curator from Bangladesh pressed the assembled directors, and in particular Chris Dercon of the Tate Modern, when and how they will genuinely engage his community and others like it—not just through occasionally showcasing artists, but in a deep way. All agreed that, good intentions and planned initiatives notwithstanding, we’re a long way from making art institutions truly inclusive.

The third contrast arrived by way of the 430-page summer issue of Artforum. The tome was not in my mailbox, which proved too small, but on my doorstep. It was shrink-wrapped with the current issue of Bookforum, which includes a review of a new book on the “internship economy,” by Ross Perlin. Titled Intern Nation: How to Earn Nothing and Learn Little in the Brave New Economy, the study documents the stunning and roundly depressing rise of unpaid labor in our creative industries. One can see why Bookforum reviewed it. The art world, it seems, can fill a glossy with almost as many ad pages as the September issue of Vogue. Yet how many of those ads were placed by young folks working for a pittance, or pro bono, just to get a shot at a job? Read More »

Looking back over the season that just passed, consolidation is the word that best describes the dynamics of the art world now. Large entities are getting larger; smaller ones are still squeezed or struggling. The art system is mirroring larger trends in society, where recovery has come sooner to the more fortunate and the gap between the haves and have-nots has, if anything, widened.

Large institutions and corporate entities have locked in gains and begun to expand franchises. It’s a good time to make a deal, whether inexpensive real estate, cheap credit, or distressed partners prompt the opportunity.

Here in New York, large museums are showing anew an appetite for expansion. The Whitney had reason to celebrate at its gala last week, having just leased its Madison Avenue Marcel Breuer building to the Met, clearing the way for downtown construction of its new Renzo Piano headquarters. For the Met, this will be the first foray off Fifth Avenue since the opening of the Cloisters. Meanwhile, MoMA has paid $31 million to buy the beleaguered Museum of Folk Art. And the Guggenheim is eyeing a branch in Helsinki.

On the commercial side, the three main auction houses booked respectable quarters, and Phillips has moved into its flashiest digs yet, on Park Avenue. The houses are aggressively building markets overseas and pushing the boundaries of their operations into new aesthetic, digital, and financial territory. Hiring is back. Furloughs have yielded to pay increases.

Consolidation continued in the gallery business, too. Gagosian’s far-flung satellites are filling mailboxes with thick cardboard invitations almost daily. A small cluster of galleries with a truly global reach is leaving everyone else further behind. Corporate muscle is the most obvious in the seemingly never-ending expansion of art fairs. In a long awaited move, Art Basel has planted its flag in Hong Kong. Frieze announced a bold incursion into the Armory Show’s back yard, on New York’s Randall’s Island, and is also launching an old master’s fair back in London. Read More »

The results are in, and it was a good year in Miami. Smiles were seen on dealers’ faces at every category of fair. Here’s a distillation of the general consensus.

Art Basel: Large work. High prices. Improved layout. Art Nova and Art Positions came into their own. Swarms of high-end buyers and, notably, museum types.

Design Miami: Smart move to South Beach. Needs critical mass.

Art Miami: Comeback story. Medal for Most Improved Fair of the Year. Nice video section.

Pulse: From strength to strength. Photography! Ice Palace still the nicest place to hang out.

Nada: Great vibe. More serious. This year, they sold work.

Seven: Admired newcomer. Innovative team salon approach seems to be working. Likely to be imitated.

Scope/Art Asia: Art Asia growing fast. Scope super international. How soon will Art Asia devour Scope?

Fountain: Cool. Political. Performance! Charged one and all for entry. Really?

Red Dot: Weak. Read More »

Adam Levine of A.R.T. filed this report from Paris:

Last Thursday, October 21, Deloitte sponsored its third annual ‘Art & Finance’ conference, in Paris. The overlap between the worlds of art and finance is, to the discomfort of many people in and around the art world, not insubstantial (though not yet ‘substantial’ either). Whatever the case, it is growing. A number of themes emerged at the conference, three of which are worth highlighting.

First, there was widespread agreement that the market is opaque and inefficient. The consensus of this self-selected group of art and finance enthusiasts is that something needs to be done.

Second, the next step forward would be to create a viable index that could be traded (and used to hedge against risk). A corollary, of course, is the illiquidity of the art market. I have been struck by how clever some of the methods for indexing the market are (particularly in dealing with the liquidity issue). I am equally impressed by the application of macro-economic theory to the art market. Without getting too far into methodology, however, I wonder if we have it wrong when we try to analogize standard economic models to the art market. Nobody wants to reinvent the wheel. But given the lack of identical product in the art space, I feel new methodologies will need to be explored.

The final theme to emerge at the conference was that art has become an asset class, and it should be treated as such, particularly by wealth managers. But clever arguments about asset allocation and fiduciary responsibility ran up against an uncomfortable reality: Art collectors, unlike those at this conference, on the whole do not appear to think of their art as part of their investment portfolio. Read More »

My barometer keeps jumping. One minute it’s backs-to-the-walls time, the next it’s all lavish parties and third venue vernissages. It has seemed like a growing, healthy trend for performative, lively and cheap art would be neatly distilled in the line-up for this year’s Frieze Art Fair Projects, curated for the first time by Sarah McCrory, formerly of south London’s small curatorial hotbed, Studio Voltaire. McCrory has commissioned Spartacus Chetwynd (née Lali Chetwynd) and her travelling troupe of players to create daily spectacles in the fair on the obscure subject of tax havens (of course, much inter-fair art revolves around the necessarily thorny question of the perceived evils of the surrounding arena of commerce). A wandering group of ‘Ten Embarrassed Men’, by Swedish-born artist Annika Ström, will prowl the fair looking shamefaced – the emasculation of artists or bankers, maybe? There will also be judiciously placed charity boxes (designed by artists, of course) to tempt collector’s monies elsewhere, as well as lots of free-to-air fun in the surrounding park.

Who are they all kidding? Hauser & Wirth are opening their third or fourth space in London (I have genuinely lost count, but it’s definitely the biggest) with a retrospective of fabric works by Louise Bourgeois. Sadie Coles upscales next-door, the Blain-Southern dealership duo split from their Christie’s holding pen, Haunch of Venison, to open a new gallery as well. Then there are Russian squillionaires galore putting on one-week one-offs including pricey Picassos, New York galleries dipping their toes here… I could go on, ad infinitum. My magazine lists some 200 shows on, or opening, in the now designated ‘Frieze week’ frenzy, most of them seemingly launching on Tuesday with a brunch, lunch, press view, rooftop after-party or oyster-laden dinner. Who’s right and who’s wrong? Is art in some kind of reactionary, recessionary funk? The more it gets hit, the harder it fights back? Or are the commercials slowly moving back into easy street, while the public sector prepares for a governmental pounding at the hands of David Cameron’s October 20 spending review/slash-fest? It could be a fall bounce or just the preamble to another, bigger fall.

That heading would be funny in any context but here the article in Skate’s is referring to an apparent push to regulate “Art securitization” and Art Investments in Russia.   We have for some time, on ArtWorld Salon, commented on the relative lack of oversight of the opaque and enthusiastically “managed” system that is the Art Market.   The private dealing, auction pumping, ability to cellar works that aren’t selling, and lack of any form of reliable pricing register, all make the Art market a challenging environment for anyone thinking of buying that painting on the wall as a possible investment.   For that reason, and because I am old fashioned, I would always encourage every buyer to think of the work as something they could love for a long time, rather than a way of trying to hedge the currently volatile stock markets, or that condo in Vail.

So it is rather amusing to think that Russia might try to regulate Art funds without tackling the underlying market; never mind the difficulties they will have actually enforcing such regulation in a reasonable and effective manner.   But then I read beyond the title.   Apparently a “powerful local asset management firm controlled by Putin loyalists” launched 2 Art funds on August 27; so now this new regulation starts to look like something else.   Am I the only one that thinks this looks like a way to help market the Funds? The illusion of oversight to support the notion that these are investment grade propositions?   Or am I being too cynical here?

As I have said previously on ArtWorld Salon, to get real transparency into the Art Market, and create a basis for any genuine oversight of market practices, we need a price register for each and every work of Art that someone tries to promote as “investment grade”; with NO exceptions and NO omissions.  Read More »

I’m in Los Angeles, where the chatter is about Eli Broad’s decision to build a museum for his art collection downtown, in a 120,000-square foot complex designed by Diller and Scofidio. The choice puts to rest some questions about the fate of Mr. Broad’s collection. It also leaves a larger question open: Is adding another museum to LA a good idea?

The answer is complex, and responses vary depending on the professional and institutional loyalties of the folks doing the talking. In my view it boils down to this. Adding another art institution to LA’s “cultural corridor” is probably good urban policy and it may not be the best cultural policy. In the long term, however, what really counts is not whether Mr. Broad builds his own museum, but whether he can get other Los Angeles philanthropists to follow in his lead as an art patron.

Downtown LA has come a long way since MoCA opened across the street from the planned Broad museum. Diller and Scofidio, coming off recent triumphs in New York, will no doubt deliver an edgy-yet-contextual neighbor to Frank Gehry’s iconic Disney Hall and Rafael Moneo’s sublime Cathedral, just around the corner. But the area still lacks critical mass. For Los Angeles, a city trapped in a state of permanent becoming, filling another empty lot downtown will be another step toward creating a lively cosmopolitan district with enough density and foot traffic for someone to want to hang around. It may even be a kind of tipping point.

But sound urban policy is not always great cultural policy (as much as arts advocates would like to believe). Read More »

There’s been much fuss over “Nude, Green Leaves and Bust,” the 1932 Picasso that sold for $106.5 million at auction last week. Roberta Smith devoted an article in “The Week in Review” section of the New York Times to the guessing game about the anonymous buyer. Bemoaning the “irksome” secrecy of art sales, she conjured a rogue’s gallery of possible bidders, including “Buyer X,” a “puppet master,” a “Russian oligarch” fearing “home invasion or too much unfriendly attention from Vladimir Putin,” and “someone with vast sums of money stashed in a Swiss bank account or a dubious tax shelter.” All very James Bond. Buyer X must be smiling.

Anyway, on one score, the article, along with most others I have read, is unambiguous: The Picasso claimed “the highest price ever for a work of art at auction”—a “world record.” Technically speaking, the number is the highest—the largest pile of US dollars ever spent on an artwork at auction. But adjusted for inflation, this Picasso is a far cry from Van Gogh’s 1989 record-setter, “Portrait of Dr. Gachet,” which, at $82 million at the time, would be worth about $140 million in today’s dollars.

Leaving out inflation is a bit like measuring one high jumper’s performance in inches and another’s in centimeters. It’s worth noting, for context, that we have had at least three private sales in the neighborhood of $140M in recent years. And there have been a couple of auction sales exceeding $106 million in 2010 dollars, including a Picasso, “Garcon a la pipe,” which sold in 2004 for just over $104 million.

All of which is to say, Buyer X doesn’t get the gold medal after all. As Smith rightly points out, record mania is something of an irksome diversion in itself. In any event, the search for the mystery collector continues. Anyone have a clue?

A cheap plane ticket purchased on a whim resulted in me attending Berlin’s recent “Gallery Weekend” (and the May 1 ‘riots’ party). As I have not really been to Berlin in years, it gave me a lot to think about. I decided to go with an open mind and little advance research, to get a reasonable overview of the scene. I did find out about a few openings, but also came across velvet ropes and guest lists.

My first impression is that the scene is much, much bigger than before, so big that one really needs to make choices about what to see and do. I guess there are 500 some galleries in Berlin, 40 of which participated in Gallery Weekend.

My second impression is that the Gallery Weekend was trying to be just that—a weekend for a carefully selected group of people. If you came, like me, without a particular invitation, you were pretty much on your own. If I didn’t know people in Berlin, I would not have met a soul. I would have eaten every meal alone. I imagine that would have turned me off deeply if I were a serious collector who didn’t have a particular gallery invitation.

My third impression was that the programming was decidedly blue chippy international artists, rather than being focused on the new and local talent on which Berlin has built its reputation.

I do wonder what exactly this Gallery Weekend is meant to accomplish. Zürich has done them for years. There, it is clear where you are supposed to be and when; there are gallery clusters, so the openings are split over three days for the three clusters. Read More »

Randy Kennedy has finally brought the Craig Robins v. David Zwirner legal spat to the pages of the great Grey Lady; so, now would seem to be as good a time as any to open up this issue for debate.  That issue, as laid out by Kennedy, turns on the presumptive practice of art-world “blacklisting,” whereby collectors are kept from purchasing works by artists they covet because the dealers or artists fear that those same works will soon find their way to the auction block.  In this case, Robins sold a work by Marlene Dumas, and allegedly did so a bit too early for the artist’s taste, which is why, according to Robins, he was blocked from buying new pieces from Dumas’ recent show at Zwirner’s.

You see, the art world doesn’t like speculators.  Well, that’s not exactly right.  The art world doesn’t like anyone else speculating on what it’s already speculating on.  And it’s this attitude, largely hypocritical in character, which has likely brought Zwirner’s lawyers to characterize Robins as a petulant child who is being told he can’t have the big red and white lollipop in the gallery window.  Or rather,

“By bringing suit,” the gallery’s lawyers argue, “the wealthy Robins has literally made a federal case of not being able to buy what he wants, when he wants.”

Kennedy goes on to offer some choice quotes from Allan Schwartzman and Jeffrey Deitch about dealing with speculators and the difficulties of “placing” works of art with the right “serious” collectors (as opposed to those who will flip the work to make a quick buck) or simply selling them to some schlub just in off the street with a briefcase full of cash.  But then to “place” a work is a form of speculation in and of itself, no?  After all, even if that schlub loves the work so much as to never even entertain the possibility of selling it, “Some Schlub’” under the “Collections” column on the artist’s CV doesn’t exactly send prices soaring.  We call this the problem (and power) of “access.”

To my mind, though, the “blacklist” issue misses the point (and perhaps purposely so, if Zwirner’s lawyers are trying to deflect attention). Read More »

Bloomberg reports that helicopter commuter service has been restored to Wall Street. A friend at a large bank says that with fears of a meltdown abated, the solidarity in the company is also gone. Cultural endowments are growing again, we learn from The Art Newspaper, and museums are dancing back from the brink. Even day trading is back in fashion, if The New York Times can be believed.

What unites these factoids is a hardening sense that we’re getting back to normal, perhaps sooner than anticipated. And that’s a mixed blessing.

Only yesterday, the situation was so bad, it was forcing deep change. Original moves, like Jeffrey Deitch’s appointment to Moca, were spurred by a fighting spirit that compels people and organizations to act differently in a crisis. The Great Recession, however horrible, provided a need and a justification to do daring and draconian things. Pop-up galleries in kitchen showrooms were in (like this one, by two former students). Gaudy sculptures with fake diamonds were from a bygone era.

I’m happy that many of my friends survived the crash unscathed. I certainly don’t mean to romanticize struggle for day-to-day survival. But I do worry that the new ways of doing business are quickly becoming the old ways of doing business. As the discipline of hard times dissipates, can we recognize any silver linings in the form of lasting positive changes in creative, commercial, or institutional behavior?

There must be an astronomical term for this week’s stellar array of events in New York. It’s certainly a cluster of some sort.

Once distant galaxies, the ADAA Art Fair and the Armory Show, are opening on back-to-back nights this year, forming a unified mega-event constellation. They are flanked in time and space by the Whitney Biennial and the William Kentridge juggernaut, which is merrily winding its way from the Southern Hemisphere through the top cultural institutions of Manhattan. Established events with names invoking celestial phenomena—Nova, Scope, Pulse—add to the epic convergence. Toss in the newcomers, such as the Independent art fair-exhibition hybrid, plus dozens of piggybacking gallery shows, lectures, panel discussions, and cocktail parties, and the results will overwhelm the endurance and attention spans of even the most dedicated art-world regulars.

What we are witnessing, in fact, is the Miami syndrome, transplanted to New York. Opportunistic calendaring, mixed with fear that collectors will only fly in once, has created a matrix of activity that is as impressive as it may be self-defeating. Game theorists call this the tragedy of the commons: Too many cows grazing on the too little land. We shall enjoy it while it lasts. But will quantity translate into quality, sales, and critical impact?

Those living in Europe are sometimes surprised by the shockwaves that private sector economic turmoil creates for Arts Institutions in the US.   If you come from a region where large portions of a Museum’s budget comes from the public purse (in some countries it is all government funded) it can be eye-opening to learn that those well-funded US institutions that out-bid the Europeans at Auction are often largely privately supported.   So an article in this week’s Art Newspaper by our own András Szántó is well-timed.

Private donors remain skittish. Corporate support is hard to find and ever more tightly tethered to marketing priorities. Public funding is jeopardised by imploding budgets and competing needs. Foundations, too, are smarting from losses. Some are rethinking their support for culture altogether. Venerable charities like the Ford and Rockefeller foundations no longer have divisions with “art” in their names. Museum income from tourists, members, publications, shops, rentals and restaurants is stagnant. It has been a perfect storm.

Whilst András is right to highlight the woes of incumbent institutions trying to fit existing plans into shrinking budgets, I wonder if some of this wasn’t inevitable?   The hubris of recent years and the multitude of new small private museums seeded by privately amassed collections has spread curatorial resources rather thin and scattered good works into more buildings.   Maybe we have too many institutions?   András again.

Museums are joining forces more readily on publications and web projects, such as Artbabble, a kind of YouTube for art videos. But while content partnerships are proliferating, museums have stopped well short of the kind of consolidation that reshapes other distressed industries. “There is a pride factor that makes it very difficult to merge,” notes Maxwell Anderson, director of the Indianapolis Museum of Art.

One hears a gentle sigh of relief around the globe, as the financial markets rebound, so this may all soon become academic.   But I wonder…   So what do you think?  A disaster for Art Lovers everywhere?  Or a much needed shake-up amongst our venerable institutions?

Depending on which papers and blogs you read, the art fair in Miami either was or was not as subdued as last year, the big fair either was or was not so huge as to be unnavigable, the parties were or were not as hedonistic as in the past, the art market was or was not back with a vengeance–and so on. On the the whole, there were many reasons to be happy and to be entertained. The truth is, Miami’s art fair week is so vast, so complex, so overwhelming and inexhaustible, that everyone’s personal experience will be different. What were your impressions?

If you’re packing your bags to Miami, let us know what you are expecting? What year will 2009 look like? Will it be like 2008, when the financial crisis cast its pall over the fair? Or will it be more like 2005 and 2006, when exuberance began to overwhelm the art? In recent days, commentaries have issued from both schools of thought.

What is for sure is that after a surprisingly robust auction season, reports of stabilization from galleries, and signals of strength from emerging markets like Abu Dhabi, an ebullient Art Basel Miami Beach would ring out the art-market season on a note of renewal. I for one am looking forward to the reunion aspect of the week, which, regardless of the business being transacted, is unsurpassed. The art world always finds confidence in numbers and tribal proximity. (Disclosure: I’m moderating an Art Basel Conversation, with five museum directors, Friday morning.)

So, what will be the surprises? Where to look for new energy? And what will it all mean? Send your thoughts.

A couple of weeks ago Tyler Green posted an interesting interview with New Museum director Lisa Phillips about her institution’s decision to put on shows drawn solely from various high profile collections (Dakis Joannou, New Museum trustee, will be the first beneficiary of the new curatorial program).  I’m happy to debate the merits of such a program (I see the conflicts, but I also see the value too), but what caught my interest was this loaded question of Green’s:

Do you worry that your decision could reinforce the notion that art is a luxury owned by the privileged few rather than a means through which artists engage communities and nations and societies in a broader discourse?

My response in reading this was: “Why can’t it be both?”  That much art–and much of what we recognize as the best and most important art–has always been a luxury good is of course no defense for why it should or will always be so, but it seems to me that the opposition that Green puts into play here is a false one.  I don’t see how a “luxury,” which I take simply to mean a good or service that comes with a high price tag, is inherently incapable of engaging with “communities and nations and societies.”  Who “owns” this luxury, especially if that luxury is work of art, should have little to do with whether the work is engaged in a “broader discourse.”  This leads me to a series of questions: Read More »

Move over, healthcare. The news of the day is the installation in the White House of 45 artworks that have been loaned to the Obama family by Washington museums. Ed Ruscha’s “I think I’ll…” painting will now refreshingly grace the private residence. One can imagine the staff meeting where they green-lighted the loan request for a work that openly addresses the theme of indecision—an unusual message for any politician, and quite a leap from the resolute cowboy sculptures that adorned the White House under its previous tenants. Other works to be installed offer a kind of visual Rorschach test of a culturally hyper-sensitive administration’s leanings and talk points. It’s a tasteful and astute mix, including abstract and figurative works, Caucasian and African American artists, living masters and dead ones. The aesthetic sweet spot of the Obama collection is somewhere in the neighborhood of Richard Diebenkorn. What does this all mean? And what should be hanging in the White House at this juncture?

So how does it feel where you are? Arriving back in Beijing after 3 months traveling I passed through the requisite temperature checks at the airport (swine flu mania abounds); and so I thought I would do the same for Art markets around the world. I touched base with gallerists, collectors and intermediaries in the US, UK, France and Switzerland. Without wishing to over generalise: the Americans were still mostly doom and gloom; while the response from Europeans was more varied, with some friends reporting good works finding new homes. This is rather at odds with the general Economic environment. I heard more about “green shoots” while traveling in the US than in Europe. But maybe the American collectors had had more money in the game to lose?

So it has been interesting to arrive back in China and talk with friends in Beijing and Shanghai. Unsurprisingly, things are at least a little more positive here. Whilst there has been a general pull back from foreign buyers, young wealthy mainland Chinese buyers seem to be taking up some of the slack. The locals might prefer “decorative” to “difficult” and positive themes rather than negative or political, but they are starting to buy some of the same “big brand” names that the foreigners have made so popular over the last 8 years. And brand names have always been important in China, for all products.

But the foreign buyers haven’t disappeared completely; they are just taking a little more time and doing a little more due diligence. Read More »