Earlier today, Bloomberg published a fascinating article on the collapse of what is known as the “emerging art market.” Namely, a slice of the art world where spraying a canvas with paint from a fire extinguisher had been commanding six figures a pop. Well all of that is now over, as the space has experienced a stunning collapse.
Bloomberg reports:
Art dealer and collector Niels Kantor paid $100,000 two years ago for an abstract canvas by Hugh Scott-Douglas with the idea of quickly reselling it for a tidy profit. Instead, he is returning the 28-year-old artist’s work to the market this week at an 80 percent discount.
