Baroque or simply broke?
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Money woes also hit the art market. Sales has been slowly grinding to a halt. Prices sagging. It has obviously ended the market’s boom. At that time, paintings and other art works are must have commodities for the rich. Even in Sotheby’s and Christie’s, many of the art works have gone unsold. Many observers foretold the art world’s crash ever since the subprime mortgage crisis in US began to affect economy around the world. Art market is directly with the crisis due to the fact that the art buyers were hedge fund and private equity millionares. But amazingly, prices stayed high mainly because partly, Russian and Middle Eastern buyers were virtually protected from the crisis.