Since everyone is whining about the economy and a bit paralyzed by fear I decided to call around and find someone who went through it. I promised I would not use his name BUT this is a real person (name available upon verbal request) at an established art gallery.
I wanted perspective. "Have you lived thru stock market crashes in the art business?", I asked and what was the outcome. Here is what he said:
"In 1987 everyone thought the art world would come to an end. Our business slowed down a bit for about two months, but it did not end. We had ample business all along just not as much of it. But at the end of two months everything was pretty much back to normal and our business was thriving. People with money who buy paintings continue to buy them. In fact I sold a $400,000 painting today (this was written two days after a massive stock market crash in October 08)."
"Right after 911 the same thing happened. Everyone thought our business would die yet within a few days we were selling paintings again. It took about two months for things to fully come back but we never experienced a huge down turn."
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