Most Americans believe that the country is in a recession, with rising gas prices, food prices and stagnant wages. But the art world is doing just fine. The U.S. spring auction season began last week and dealers aren't worried. Last week, Sotheby's and Christie's sold $500 million worth of art. This week is the contemporary sales, which are also expected to do well. For every American buyer that doesn't participate, there is one from the Middle East, Russia or China to take his place.
