Issue/62/

NEWS

ROUND UP

Woe is the New Black

By HG Masters


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…

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