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My sister once called heroin a shot of sainthood. Just like the art market, heroin peaks at sainthood and dips down to hell. At a time when a Francis Bacon sold for $86 million at auction, hints of hard times are popping up among galleries, not the bluest-blood blue chippers, but those who provide forward momentum.
As noted on Modern Art Obsession, Clementine Gallery in Chelsea is out.
So is Allston Skirt in Boston. (Boston Globe story here.)
People who buy art before it's stamped art historical tend to react more to recessions than those paying many millions for masters. If only, like wolves, tight money would cull the aesthetically weak. But frequently it's adventurous dealers who operate on thin margins.
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