There was an article in last Fri's Business Times on contemporary art. i normally would hav ignored an article like that, cos i'm not an
arty-farty person and hav never seen the reason behind spending a lot of money on something which u dun even understand. But i had a stomachache that day and i was also quite bored so i brought the paper into the loo.
The article turned out to be quite interesting and besides learning a bit more abt contemporary art, there was also one revelation in there. Prices of good assets may not drop during times of economic depression.
"When the global economy collapsed, excited collectors expected delicious opportunities to pick up good works at good prices. But these opportunities were few and far between. Prices didn't plunge, as those who might have sold their works held out, and those who did put works on auctions allowed works to go unsold when the estimates were not met..."and
"I think what may ultimately come out of post-correction pricing in the contemporary market is not necessarily a correction in price but greater selectivitiy, suggesting that we're moving into a more mature and healthy market..."While this makes sense, i'm so hoping that it will not apply in other asset markets. If not, there goes my dream of looking for bargains in the upcoming recession.