28/09/2001
Concern over the strength of the world art market heightened on the 25th of September when US consumer confidence, a key economic indicator, fell sharply from August’s 114.0 to 97.6, twice what Wall Street had predicted. With the US art market the biggest in the world, the knock on effects for global auctions and galleries may be felt in the coming months. Lynn Franco, director of the US economic “think-tank”, The Consumer Research Centre of the Conference Board, which conducted the surveys said: “The economy faces tougher times ahead. While consumers have managed to keep the US out of a recession for several years now, that soon may no longer be the case.” The 16.4-point slide in confidence in September is the largest monthly drop since the October 1990 fall, which preceded the 1991-1993 art market recession. (Andrew Moore)
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