The mega boom occurring in the global art market at the moment thus has two interrelated significations. In the first instance, it clearly points to a hyperinflation with regards to the increase in value of the art work. The upcoming Christie’s auction in New York will confirm a trend that has dramatically accelerated through the access of cheap currency flushing the global economic system since 2007. In the second instance, the art market boom signifies a global economy that is not as much recovering as it is actually falling apart. The purchase of artworks in the hundreds of millions signifies a panic by the oligarchy fearing a currency system as well as a banking system that is in the process of collapsing. The value of currency is not only depreciating, bank runs in Cyprus for instance also show that it cannot be stored safely either. In this moment of crisis, where a corrupt financial system is unmasked, the acquisition of art is a desperate attempt to hold on to a hegemonic system that is unravelling.
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