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.”

Have good intel? Send tips to intel@nymag.com.

Related:

• Archive: “Intelligencer”
• Articles by Andrew M. Goldstein
• Table of Contents: Feb 25, 2008 issue of New York | Subscribe!