Wave Art Courtesy of Snyder Art and Design.
The Financial Times reported that art prices fell 35% in the first quarter of 2009 according to the Mei Moses index as collectors unloaded pieces that had been booming like a 14,000 Dow Jones. Through 2008 fine art had held up much better than any other investment vehicle, only falling 4.8 percent last year.
Sellers were willing to take losses for extra cash as the financial crisis continues. Art prices had enjoyed a 7 year boom (but so did the stock market and real estate). An Andy Warhol portrait of Mick Jagger sold for $1,100,000.00 this year that was purchased for $1,500,000.00 in 2006. The stones are no longer rolling.
It looks like even art isn't recession proof, just a little behind.
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