Hold on to your chairs folks, The Times of London headline announced the "shock" of a failed Francis Bacon painting auction at Sotheby's.
No shock for this blogger. Art had crossed the line and become a pure prestige good. According to the behaviour of such an environment and typical crash similar to a Sornette event. Expect all your favorites artists to be selling at 80-90% off in the near future.
Perhaps a Warhol for the garage? Still tough to figure out where to hide the Hirst, which will be embarrassing for quite some time.
They may not sell originals at Wal-mart any time soon, but then that wasn't the point of owning it in the first place was it?