Although Hollywood continues to perpetuate the image of starving artists, in reality, with celebrity artists such as Andy Warhol and Damien Hirst, they seem to be a dying species. Economic success is no longer something that the artistic geniuses are denied, but rather the very mark of their artistic genius. While the financial crisis might address the over-saturation of the art market temporarily, it is unlikely to reverse the process of globalization. However, a crisis for the market need not necessarily be a crisis for art. The financial instability may have encouraged artists around the world experiment more. Collectors have become more cautious not only in their choice of artwork, but also in their methods of purchase. The apparent decrease in auction sales has been somewhat offset by increases in private sales. The museums of academic institutions face a different challenge from those facing public and commercial galleries.
A GILDED RECOVERY? THE GLOBAL ART MARKET AFTER THE FINANCIAL CRISIS Grace Kim Yale Economic Review; Winter 2010; 6, 1; Docstoc pg.
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