In today’s NYT, Holland Carter has what I guess you’d call a meditation on the relationship between economic cycles and artistic epistemology. Definitely worth a read:
The contemporary art market, with its abiding reputation for foggy deals and puffy values, is a vulnerable organism, traditionally hit early and hard by economic malaise. That’s what’s happening now. Sales are vaporizing. Careers are leaking air. Chelsea rents are due. The boom that was is no more.
Anyone with memories of recessions in the early 1970s and late ’80s knows that we’ve been here before, though not exactly here. There are reasons to think that the present crisis is of a different magnitude: broader and deeper, a global black hole. Yet the same memories will lend a hopeful spin to that thought: as has been true before, a financial scouring can only be good for American art, which during the present decade has become a diminished thing.