Woe is the New Black
VARIOUS LOCATIONS — Doomsayers, short sellers, cynics and catastrophe junkies everywhere—join hands for a chorus of schadenfreude: the global recession is upon us! Though long anticipated, the economic downturn has besieged the buoyant, money-besotted art world in a matter of months. Many will proclaim that the reversal of fortunes is “good for the art” or a “necessary correction,” but only a few will survive.
Some will not be missed. In mid-January, the fashion house Chanel canceled the worldwide tour of the commercial Chanel…