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Originally Posted by This Is Not Here
Radio 4 said that the art market enjoys relative stability throughout financial recessions. Apparently because the art market is fairly seperate from the global economic market, people invest in art because of it's inherent worth, much like you'd invest in gold and silver for the same reason. Good art will always be good art I suppose. I dunno, I'm just regurgitating what Radio 4 said, I know very little about the finances behind art.
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I think it's true that it can sustain itself during quite short term recessions (such as we've had in the past few decades) but a long term one (like this one is predicted to be) will prove far harder. Art is often funded by massive corporations who will be under enormous pressure from shareholders and banks to prioritise spending. It's also sure to force collectors to start selling off works at slashed prices as creditors start demanding some of their money back. It's going to affect every area of the art world if the recession really does get as nasty as economists are predicting.