art market can no longer withstand the pressure surrounding the turmoil in the economy. This is evidenced by the fact that the proceeds of auctions of art of Asia Week in New York (15-21 September 2008) decreased significantly compared to last year. Although the personal bidding Demiena Hurst (Damien Hirst), conducted by Sotheby's in London were sold out almost all of the lots, financial constraints still affected the Korea International Trade Fair of art. Decreased sales and antique Biennale in Paris.

During the several days in September, investment bank Lehman Brothers declared bankruptcy, the largest in the United States insurance group AIG (American International Group) has been forced to flee from the collapse at the expense of the U.S. Federal Reserve, and financial corporations, such as Merill Lynch and Scots Halifax Bank (UK's largest creditor), moved on to new owners. Commentators have compared the current situation with the global crisis of the Great Depression, which broke out in the United States in 1929, and warned that the restoration of stability will require at least five years.

Yet there are those who believe that there are markets that can continue to function in isolation. Within a few months, auctioneer and art dealers said that buyers from China and Russia will be able to fill the gap, which was formed because of problems with Western consumers. Nevertheless, news of the collapse of Lehman Brothers act negatively not only on the Dow Jones - plunged and Asian shares, as on 17 September due to record falls the day before trading was suspended on the main Russian stock exchanges MICEX and RTS, which in the past few years has shown the best results.

«will have to tighten belts», - said Philip Hoffman (Philip Hoffman), founder of Fine Arts in the UK. Director, Gallery of Modern Art Sprueth Magers in London generic Andreas (Andreas Gegner) said: «Solo Demiena Hirst auction was a success, but we can say that these results are the exception and can not be totally relied upon. I would suggest that many novice collectors, operating in the financial companies that have recently begun to buy works of art, now is likely to come out of the game ».

Historically, the relationship between art market and the broader economy has always been not too close, and because the reaction to the financial problems in the field of art become visible only after about a year and a half. A system of mortgage lending crisis began more than a year ago.

And yet more can be hoped that the October Fair Frieze and future works of contemporary art auctions in London and New York will not become another victim of global financial turmoil.

Source: theartnewspaper.com