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 »

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 »

For its tenth birthday weekend just gone, Tate Modern staged No Soul For Sale, a non-profit ‘Festival of Independents’, bringing 70 artists’ collectives, publishers and non-commercial spaces from all over the world to fill its Turbine Hall. Well, perhaps ‘inviting’ would be a more accurate word to use, rather than ‘bringing’, as each participant had to pay their own way, with resourceful galleries doing last minute fundraising events and even garage sales to afford their flights to London from as far and wide as Beijing, Rio and Melbourne. A necessarily scrappy and messy affair ensued, with many No Soul For Salers showing only what they’d been able to squeeze through hand luggage or the symbolically empty packages they’d sent ahead of themselves.

This perceived lack of financial support drew fire from an anonymous British group of artists and arts professionals, calling themselves Making A Living. In an open letter to Tate, widely emailed and posted online, they took umbrage with No Soul For Sale’s ‘romantic connotations of the soulful artist, who makes art from inner necessity without thought of recompense’ as well as the concomitant expectation that ‘we should expect to work for free and that it is acceptable to forego the right to be paid for our labour.’

In an interview I conducted beforehand with the curators of No Soul For Sale – Maurizio Cattelan, Massimiliano Gioni and Cecilia Alemani, with Vicente Todolí on behalf of Tate – here, they defend the event (once previously staged as part of X-Initiative in New York) variously as ‘a tribute to the people, the artists and the art lovers who work beyond the traditional market system’ (Cattelan), or an act of ‘hospitality and generosity’ (Alemani). While Gioni adds that, ‘Nobody really ever pays respect to the people who work in situations in which there is very little money involved and yet a lot of energy and enthusiasm’, Todolí qualifies this by saying: ‘Obviously we are not the only ones being hospitable here. All the participants are … as generous as Tate, if not more. But that’s when things get interesting: when people are willing to share, going beyond any immediate quantifiable gain.

Read More »

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 »

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?

Three makes a trend, the adage goes. So here’s one: The upcoming Whitney Biennial, the National Academy’s Annual Invitational, and Site Santa Fe have sharply curtailed their rosters of exhibiting artists. The reason is money. The outcome is just what the art world needs.

Bloated biannials and survey shows were a boom-time phenomenon we can do without. They are self-defeating in terms of their purpose, which is to provide a point of view about what’s going on. And for better or worse, art fairs offer a more comprehensive summary of the totality of artistic activity.

Cultural bloat is an understudied phenomenon. Its effects are subtle and pernicious. On the surface, bloat entices us with more and more of a supposedly good thing: brick-size novels, three-hour movies, fancier museum buildings and cultural extravaganzas that betoken civic pride and scaling national ambitions.

Underneath all this more-ness, however, lurks the shadow of unsustainability. And that’s hardly the biggest threat. The lure of large numbers relieves the pressure to leave material on the cutting room floor. The cacophonous results mimic the quick verdicts and ceaseless profusion of the marketplace. A more restricted format, by contrast, tilts power to curators. It flushes away the fluff and injects some editorial discipline into the enterprise of art. Think of it as slow cultural food: Harder to cultivate and prepare, more satisfying to consume.

There’s been a lot of writing lately about how austerity is good for art. Much of it is sentimental bunk. Artists deserve to live well, like anyone else. But a case can be made, I believe, for trimming output and narrowing distribution channels. We may have less art to see, but more attention to lavish on it.

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.

We interrupt the summer doldrums with news that “controversial graffiti artist” Mat Benote has surreptitiously installed one of his own works in the Guggenheim Museum. This cheeky guerilla action raises anew questions about authority and power in the art world.

Benote apparently hung up his work—a kind of Russian Avant-Garde-ish abstract composition, in black and red, accompanied by a wall label—during normal business hours, unnoticed by Guggenheim security guards or patrons. The press release somewhat hyperbolically claimed, “a piece of art was added to the museum’s permanent collection in the form of a gift by the artist.”

Really? Much like the Grand Rapids ArtPrize discussed in an earlier ArtworldSalon post, the intervention brings up some interesting concerns. If a work is hung on the wall of a museum, without the sanction of curators, is it to be considered part of the museum’s art program? Can anyone bring in a picture, hang it on the wall, and thus confer upon it the status of museum piece? If so, are then random objects in visitors’ handbags also properly seen as part of the museum’s temporary exhibition programming? By extension, are the visitors themselves to be considered a kind of accidental social sculpture, by virtue of performing their pattern of human interactions inside the symbolically charged confines of the museum? Or will these visitors have to be labeled an artwork, by someone such as Benote, to be so considered?

Questions also run in the opposite direction: If an artwork looks like a run-of-he mill abstract composition, neatly applied on a two dimensional surface, installed like a precious painting inside a top-flight museum, with a wall label, is it still “graffiti”?

Perhaps the most fun question for this Salon may be: What were the Guggenheim’s esteemed curators supposed to do? Lemonade, anyone?

Catherine Spaeth writes…

For a while now, there has been a degree of discomfort with the notion of an ideal viewer. At its extremes, the dangers of such an ideal are the failure of one’s poorly aimed presumptions as to what an audience is, or the presumptuousness of constructing a subject, of producing a consumer.

Rirkrit Tiravanija’s recent contribution to “Cinema Liberte/Bar Lounge,” in collaboration with Douglas Gordon at the Guggenheim’s “theanyspacewhatever,” was - despite its generosity - a coldly sceptical response to this situation. Served Illy coffee by Illy baristas, the failure to mean was offered as a gift, and this gift in turn was a lifestyle brand. As though wishing to correct this situation of art, Michael Fried in ‘Why Photography Matters” describes work so saturated by artistic intent that the audience is shunned from the space of it.

In a July 11th discussion on “Art and Power” at The Drawing Center in New York, the artist Alexis Knowlton shifted the terms away from the ideal viewer and back towards artistic intent. She invoked a term coined by Jerrold Levinson, “hypothetical intentionalism.” Already standard jargon in the philosophy of aesthetics, these words, for better or worse, have not yet found their way into artworld discourse. In October-driven art history and criticism (inaugurated by Rosalind Krauss’s 1976 essay in Vol. 1 on Vito Acconci, “Video: The Aesthetics of Narcissicism”), the artworld has been more at home with the problem of the viewing subject.

For Knowlton, the very worst symptom of ceding artistic intent is what she refers to as SLAT: Super Lame Art Thematicization. The current Venice Bienniale, “Making Worlds” and the New Museum’s recent “Unmonumental” are, in her opinion, cases in point. Read More »

Have you ever wondered if the success of today’s visual art mega-events depends less on their content than on the expectations surrounding them? The Venice Biennial and Art Basel’s 40th edition are a case in point.

Venice is a classic example of an event that art insiders love to hate. Every two years, a superstar curator is asked to prepare a vast exhibition in a difficult and historically charged venue, with limited resources, a ridiculous timeline, Italian ineptitude, and a spaghetti bowl of national pride, politics, and pavilion positioning thrown into the mix. Then the art crowd descends and, between bouts of champagne drinking and Vaporetto riding, it delivers a categorical judgment—usually negative. The pop psychologist in me believes that some folks have so much fun in Venice that they have to declare the Biennial a failure and a bore. This is partly intended to make their expense-account journey look more like a hard-working professional chore than the sybaritic fun ride it is. (You may discern a note of envy: I wasn’t there.) After this year’s opening, the commentariat appeared to be speaking from the same talking points. The line was that while the last Biennial was awful, this one—organized by art-world wunderkind Daniel Birnbaum, who is undoubtedly one of the smartest young figures on the scene—was banal and flat. Really?

Contrast with Basel. It’s a trite metaphor, but the world’s leading art fair, which occupies the same space as Baselworld, the epic watch fair, really does run like clockwork. Read More »

I’m going to go out on a limb and say something that will probably get me branded an elitist, a staunch defender of the status quo. I don’t like this big new art prize.

I am talking about the ArtPrize [sic.], the “radically open” art competition with the greatest payout in history: $250,000 for the winner ($100,000 for the runner-up) in an American Idol-style contest based on voting by the general public. It’s being funded by a well-meaning young gentleman named Rick DeVos, who won a contest of a different sort — genetic — and leveraged his inherited fortune with entrepreneurial feats of his own. The contestants will register online, ship their work to Grand Rapids, Michigan, and the rest will be up to the good folks who happen to be in town during an exhibitionpalooza weekend event where the voting takes place.

So what’s wrong with this picture? I can think of four things.

First, I have nothing against discovering those hidden diamonds in our midst (I, too, watched the Laura Boyle video and got misty-eyed), but public polling is not the best way to reward human accomplishment. The Olympics, the Nobel, or the Pulitzer Prizes are earned in arduous, sometimes lifelong ordeals of jumping over physical and mental hurdles. Judgment by juries and peers has a lot to do with the authority of these awards. Read More »

It is useful to remember that there is a place, not far from here, which makes our Wall Street worries look like luxury problems. The average salary in Cuba is around $20 US dollars a month, which is the equivalent of a regular dinner in a tourist restaurant in Habana Vieja. Economic contrasts border on surrealism, and yet Cuban society manages somehow to survive through a system of inventive informal businesses and exchanges that involve outsmarting the government and permanently playing a game of intrigue and paranoia.

The Cuban situation in the art sphere has always been equally perplexing: Cuba doesn’t have private galleries, art magazines or independent art foundations. Internet access is heavily restricted if at all available. Only a handful of artists (who normally live outside of the country) actually get to make a profit of their art. And yet over the years Cuba produced as many or more consequential artists than other countries who may boast of far stronger infrastructure and support system for the arts. Which leads me to ask: amidst all this soul-searching after the fall of the markets, can the Cuban example help the art world re-envision itself?

In Cuba it is really hard to get quick answers to anything, though, as reality is so complex. For starters, the meeting of the art world and the Cuban reality is an awkward one. The Havana Biennial, which just opened its 10th edition last week, is an event that best exemplifies the contrasts and ironies of today’s art world. Officially entitled “Globalization and Resistance,” one could see the event as the ultimate anti-Dubai, anti-Chelsea event. Yet, there was a parallel show precisely entitled “Chelsea,” comprised of New York artists who show at Chelsea galleries. The event seemed to be quite successful, no one seemed to think it was a contradiction to the curatorial premises of the biennial, and everyone seemed happy. The biennial per se, however, as well as the theoretical forum I attended, were much more true to form. Read More »

This just in from Art Newspaper Editor, Georgina Adam.

The saga of the Chinese bronzes hammered down at auction during the Yves St Laurent sale and then not paid for, as a political gesture, raises many thorny questions.

Briefly, (and for those of you who were on Mars this week), the two Qianlong bronze heads, of a rat and a rabbit, were looted from the Yuanming Yuan Summer Palace in Beijing by Franco-British forces in 1860 during the Opium Wars. They were two of 12 heads which adorned a Zodiac fountain, five of which have never resurfaced.

The heads were offered for sale by Pierre Bergé, the late Yves St Laurent’s former lover and business partner, in Christie’s block-busting sale of their collection last week in Paris. The Chinese have been calling for the return of the heads, and a French association (AFACT) with links to China attempted to block the sale by bringing an emergency injunction in a French court shortly before the sale started. The demand was thrown out in no uncertain terms by the French “procureur” (prosecutor) for a number of reasons, some technical and others more fundamental. I was in court and subsequently at the sale when the bronzes were sold.

China was not able, legally, to claim the bronzes under international law, and does not want simply to buy them back – its position being that they were looted and should be returned. At no point did AFACT claim that Bergé was not the legal owner of the heads, and prior to the sale Bergé stated that he would be prepared to return the heads “when China respects human rights and frees Tibet”. This did nothing to improve Sino-French relations, which hit a new low after French President Nicolas Sarkozy met with the Dalai Lama last December in Poland.

At the sale, the two heads were “sold” to a bidder on the telephone, underbid by two other telephones for the first, and one for the second. The price was  £20.4m each, including premium, and contrary to usual practice no paddle number was announced – “the buyer wanted absolute discretion,” auctioneer François de Ricqlès said afterwards.

On Monday this week a Chinese collector and auction house general manager, Cai Mingchao, announced that he was the buyer and that he was refusing to pay, as a patriotic gesture.

So here are some of the questions this saga raises. Read More »

Unusually cold weather for Miami lent the opening night festivities a somewhat spooky and sinister air. “I though it was a celebrity, but then I realized it was just some people around the space heater,” said one reveler at the Art Basel opening party, at the Delano Hotel, as a group of half naked Brazilian dancers braved the chilly December winds. Then again, it could have been Antonio Banderas.

Yet despite the cold, the crowd pressed on, like a group of tourists who had booked a late season cruise and were determined to make the most of the amenities on board.

And fancy amenities were everywhere in evidence–gifts from a recent, happier past, when ambitious plans for this week were being hatched. Netjets invited people to celebrate Alex Katz at the Raleigh hotel, posting a giant Hollywood-style sign in the sand in the hotel’s garden. Not to be outdone by the Art Basel event down the street, the dancers at this party added juggled burning torches. Mini cupcakes were emblazoned with tiny marzipan Netjets logos–a sweet touch.

Earlier in the day, in the Design District, preparations were going on for the rollout of Design Miami. Under a tent that resembled a giant lace curtain, it was all business as usual. Takashi Murakami’s operation opened up a store to sell a new line of Murakami household objets, including three giant balls, the largest almost eight feet in diamater, festooned with technicolor flowers constructed out of soft and fluffy teddy bear fur. “Is it furniture or is it art?” I inquired. “It can be anything,” the friendly Japanese PR lady obliged.

Read More »

America has a new President-elect. Yesterday’s vote was not only a political event, but a cultural one. It ushers in a generational shift in American leadership as well as a deeper realignment in ideology and outlook that seems to happen every 30-40 years here. The mood and texture of the country will indelibly change. Barack Obama’s election should also ring in a new chapter in global affairs—more stability and less bellicosity; more listening and reciprocity with friends, less fear mongering and unilateralism when dealing with foes. Let’s hope so, anyway. Whatever happens, the United States, and the world along with it, is set to become a different place. So a logical question for this forum is: What will the election mean for us? Will art register the mood swings of the nation and the world? Will the art world mirror in some way the transformations about to unfold in America? Will arts policy adopt new priorities and innovative thinking? Will cultural diplomacy get a second chance? What do you hope for?

Much art of the 1990s will forever remain associated with Nicolas Bourriaud’s exhibition Traffic (1995) and the book it spurred him to write, Relational Aesthetics (1998), which put forward the terms of art we now use to identify (describe?) the offerings of artists such as Liam Gillick, Rirkrit Tiravanija, Dominique Gonzalez-Foerester and others.   Whether one was eating Thai food in a gallery, sitting and conversing on understated but stylized benches in an exhibition hall, or taking part in a seance, it was immediately apparent that something significant had happened to the way that artists were approaching the enterprise of art making, and Bourriaud gave it a name.

Now, the Guggenheim has just opened theanyspacewhatever (24 Oct. - 7 Jan.), an exhibition conceived in “collaboration” with a number of artists of the relational persuasion (Angela Bulloch, Maurizio Cattelan, Liam Gillick, Dominique Gonzalez-Foerster, Douglas Gordon, Carsten Höller, Pierre Huyghe, Jorge Pardo, Philippe Parreno and Rirkrit Tiravanija), who the organizer, Chief Curator Nancy Spector, invited to “collectively formulate a scenario for an exhibition, one that will reflect and articulate the unique nature of their practices.”   In an effort to keep this self-reflexivity running in high gear, the Guggenheim, along with the School of the Arts at Columbia University, presented “Catalysts and Critics: The Art of the 1990s,” a day-long symposium designed to reconsider “relational aesthetics” a decade on.

And reconsideration, it seems, is much in demand.   Ina Blom conjectured that this work revives the concept of “style,” understood as a “style of life”–this is style not as the attributes of a thing but as its continuous relationship to itself, but one now transferred to a particular “site.”   This externalization of style Blom named (what else?) a “style site.”   Alexander Alberro drew the audience’s attention to a “different relationality” altogether, one that began in Brazil in the 60s with artists such as Lygia Clark, Helio Oiticica and Cildo Miereles.   Alberro’s otherwise excellent account of this “counter-formation” in the history of relational artistic practices was foiled only by the absence of Bourriaud himself (he was slated to attend), at whom Alberro’s talk was undeniably directed as a corrective to the Frenchman’s amnesiac theorizing.   Read More »

Now that government regulation of investments and markets is suddenly back in vogue, it’s only a matter of time until the reformers and the ethical cleansers train their sights on the least regulated market of them all–the art market. This will take time, but stay tuned. As last week’s exchanges made clear, taking a measure of post-bailout art values is also an exercise for another day. Only the November auctions will give us clear signals about the market’s health or decline.

This gives us breathing room to look further afield. What are the wider effects of the financial meltdown? To launch what might be a recurring feature about “What’s next?” let’s look at what the latest turn of events means for nonprofits. The postmortems have already begun. The Wall Street Journal and the Washington Post published articles over the past weekend about nonprofits bracing for the worst. The Journal points out that U.S. charitable donations grew a paltry 1% in 2007–that’s before the bad news hit. And although, as the Post reminds, corporate donations amounted to only 3% of the contributed income of nonprofit arts groups, some of the most generous sources of corporate giving are likely to vanish, at least for now.

So what is a nonprofit leader to do? As always, the worst-hit will be mid-size groups with high overhead and weak fundraising potential. These would do well to take a look at the astonishing flexibility that giant financial firms have shown in this crisis. If Merrill Lynch can be sold in a day, arts organizations, too, can adapt. For museums, there are undeniable threats in this new environment, including the possibility of tougher Congressional scrutiny of tax exceptions and loopholes. But there might also be a distant silver lining in the form of lower acquisition costs and more revenue from visitors–museums are an inexpensive family pastime, especially compared to a weekend in Turks and Caicos.

The real benefits of an economic downturn for nonprofits may be less obvious. The pendulum may be swinging back to a point where nonprofit art-world institutions start to matter more again. Creative Time’s current event series, Democracy in America, which culminated with the well-timed opening of a sprawling exhibit of political art at the Park Avenue Armory last weekend (see picture) may be a sign of good things to come–evidence that the art world may be ready to rejoin the “reality based community.”

The topography of Wall Street and the financial system was redrawn over the past weekend. So what’s next? And specifically, what’s next for the art market? In recent months, heightened anxiety about the credit crisis and the meltdown in global finance did not translate into a flight from art purchases. Quite the opposite. Will the current jitters cause collectors and investors to look to art as a safe haven, or will they put the breaks on a long boom that has persisted, with a brief interruption in the early 1990s, for almost a quarter century? What does it mean for nonprofit institutions which rely on donations, and for art sales that depend on loans, guarantees, and credit? Who stands to lose or gain from the next round of transformations? And on the eve of a historic single-artist sale, are we going to witness a turning point in the psychology of the art world and the art business? I invite our panel to submit educated guesses.