Art spending before a crash and recession economy
End of the eighties – it might been in 1989 or 1990 – the international Art art boom, turning to art business crash, was preceded by a huge spending spree, investing in artwork. Artists sold paintings and artwork in he millions themselves, direct to art collectors. Gigantic sums of money being spent. People reacted strongly – against the Japanese art collector, whom they considered bought for too much money – in the art world. That is, it was mostly reported in art magazines. The Japanese art collector bought three artworks for way over $100 millions, approximately 1 billion in Swedish currency back then. It was followed very quickly by the huge international recession between 1990-1992+. Companies going just, bankrupt and people being laid off.
Going fast forward to today, some Swedish economists have reiterated that a recession will always arrive at some point. Will it be now, today, the coming years?
At a Chinese art auction a huge spending spree was just being held. Hundreds of millions spent like it was chocolate in a candy store.
”$65 million Chinese painting leads one of Asia’s largest ever art auctions”
https://www.cnn.com/style/article/zao-wou-ki-hong-kong-record-auction/index.html
Stefan Lindblad
Illustrator & Graphic Designer
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