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Art Market in for Early-’90s-Style Bust?

Boone sees a boon.

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Is the art world about to hit hard times? It looks that way to artists and dealers who remember the end of the last boom. “We are definitely in a recession,” gallerist Mary Boone said at the Tribeca Ball on February 12. Artist Eric Fischl agreed. “I think everybody’s going to take a hit,” he said. “The last time that happened, the prices of everybody’s work were cut in half and then within months cut in half again. So yeah, I think it’s going to have the same effect.” But, he added, “There are a lot of artists with an awful lot of money invested in them, and no one’s going to let them go down.” On the other hand, Boone said, “I think a recession is actually very good for the art world and very good for artists. You don’t have to worry about collectors’ motives, that they’re for investment.”

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