The New York Times has a great overview of the contemporary art boom/bust cycle over recent times.
"The contemporary art market is a vulnerable organism, traditionally hit early and hard by economic malaise. That’s what’s happening now. Sales are vaporizing ...rents are due. The boom that was is no more... In the 21st century, New York is just one more art town among many... Contemporary art belongs to the world."
Read it here:
http://www.nytimes.com/2009/02/15/arts/design/15cott.html?sq=holland%20cotter&st=cse&scp=4&pagewanted=all
Wildenstein Tax Retrial Opens in Paris
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