Financial crisis impacts Arts

Global Financial crisis impacts not only real (auto industry) and unreal (stock market) sectors of economy but it also has severely impacted Arts recently, especially painting:

Christie’s International sold for 10 pounds ($15.40) an artwork earmarked to fetch 2,000 pounds at its auction of Russian art in London, summing up the mood at yesterday’s sale which missed the low forecast by almost half.

Nikita Lobanov-Rostovsky’s hand shot up when auctioneer James Bruce-Gardyne, exasperated by the salesroom’s cold response all day, gestured toward the piece “Troika Leaving the Farmstead” and asked, “Will anyone give me 10 pounds?”

“It was the bargain of the century,” said a triumphant Lobanov-Rostovsky, 73, a prince and one of the most prominent Russian art collectors in Europe whose collection with former wife Nina was bought by a Kremlin-controlled foundation in St Petersburg earlier this year. In addition to the hammer price, he paid a 3-pound commission on the undated ink-on-paper picture by an unidentified Russian artist.

Christie’s couldn’t confirm if it’s the cheapest lot the company has ever sold. read

Probably all creative artists should receive 50 billion bailout from the US Government before the US auto industry will get 25 billion bailout .