News Item: Market booming despite economy

A crowd stands in front of a painting (reproduced in the newspaper in black and white) of a childlike painting of a very scary monsterlike looking man, huge teeth, squared shoulders, big black wraps around his hands, a pair of shorts, and feet turned out, with the toes looking like they're thumping up and down. The caption: "Jean-Michel Basquiat's 'Sugar Ray Robinson' sold for $6.5 million in November at Christies's."

Is that right?

It seems the art market follows the stock market with its ups & downs by about 6 months behind. Everyone in New York City is a billionaire; they do not feel any economy crunch.

American artists are selling at all time high, included JMB (above) Warhol, Rothko, Haring.

"The most money is chasing these modern and contemporay names, and that just what's in fashion really." quotes Mr. Ian Peck, CEO of the art-finance firm Art Capital Group.