In an otherwise interesting article on the Chinese Art market explosion (in the upcoming issue of ARTnews), Barbara Pollack sneaks in this line:
With the sheer abundance of galleries, auction houses, and art fairs in Chine, the larger art world is recognizing the power of the Asian market. Standing in an auction house in New York or London watching paintings by Chinese artists sell for millions, one can grouse about this boom and hint that it will turn out to be a bubble. But strolling in a bustling gallery district in Beijing, with students and turists crowding the cafés and boutiques and filling the huge art showrooms, few would predict a downturn in the near future.
No, I’m sure sky-high prices for Chinese art in a time of global slowdown, acute financial uncertainty, and a search for uncorrelated non-real estate risk could not possibly signal a bubble. Unfathomable! I mean, nobody expects the Spanish Inquisition.