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AUCTION REPORT

Safe Havens?

JEHANGIR SABAVALA, The Unruffled Calm, 1970, oil on canvas, 71.3 x 122 cm. Courtesy Sotheby’s New York.

This summer, data revealed that the seemingly unstoppable economic sprinters—China, India and Brazil—are falling off the pace. Britain’s recession seems to be deepening, following in the footsteps of its European neighbors. On July 17, US Federal Reserve chairman Ben Bernanke told lawmakers, “Fiscal strains associated with the crisis in Europe have increased since earlier in the year.” Observers say the global economy is revisiting the slowdown of 2009. Does this bode well for…

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