How the contemporary art bubble burst

Times Online: Ben Lewis: "I can see it 20 years from now. A room in Tate Britain, dedicated to the art of the first decade of the 21st century. The title of the exhibition is The Baubles of the Bubble Billionaires and on the wall an explanatory panel reads: “The first decade of the 21st century saw the greatest rise in the value of art in the history of the world. An unprecedented rise in global wealth, the availability of cheap credit and a widespread craze for art played a part, but speculation, secret deals and tax concessions for art collectors were equally important. The art of this era is defined by expense and simplicity. It was often fabricated with precious materials, such as platinum, gold and diamonds, but the forms it took were simple, inspired by cartoons, billboard adverts, wrapping paper and jewellery.”

Full and worthy read here.