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Russian Billionaires vs. American Billionaires: Who’s Best at Excess?

Filed under: People, LifestyleIn the late 1980’s, the Great Recession was far in the future, Gordon Gekko was in theaters, and Wall Street’s movers and shakers were some of America’s greatest heroes. Meanwhile, on the other side of the world, the Sovie…

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Is the Art Market Bust Finally Over?

If the recent art market boom had a poster child, it may have been the British painter Lucian Freud. Before the boom ended suddenly in summer 2008, Freud’s paintings (like The Sparrowhawk, pictured here at a 2008 Christie’s auction in London) fetched sky-high prices, buoyed by an auction scene that seemed intent on adding zeroes to integers. It was stunning that any work by a living artist could fetch more than $30 million — but then the bottom fell out, the exuberance ended, and the market reeled from a year and a half of anguish.

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Is the Art Market Bust Finally Over? originally appeared on DailyFinance on Fri, 22 Jan 2010 11:56:00.

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