New York - A record sale of a work by Russian abstract painter Kazimir Malevich soothed frayed nerves at New York's autumn art auctions this week, but the world financial crisis is spreading gloom in the art market.
The auction houses Christie's and Sotheby's are hoping for record prices for some exemplary art works, but all in all, the mood is getting darker.
Prices for all investments - shares, gold, oil, real estate - have been falling, Mark Porter, head of Christie's America told the New York Times. It would be "unrealistic" to think that art was immune against the pressures of the market, he said.
The art market has been dismal, as wealthy collectors have been hit by tumbling stock markets.