Now that so many rich people suddenly feel nouveau pauvre, yes, the art world is being affected. I was talking with a gallery owner in New York about the recent art fairs in New York and Miami. There has been a big bubble on exhibit in the art world for some time, and this one wasn’t made by Jeff Koons — or maybe when you think of his prices and other brilliant artists like Murakami, they had a hand in it. When you think of the art market itself, I have sometimes wondered if there wasn’t more creativity in art dealers and gallery owners than in the artists themselves. But the art market will bounce back and maybe one or two new "isms" will emerge, like "relativism." Maybe one or two movements will end, but that, ironically, seems only to strengthen a movement — when you can look back and say that’s the end of that movement — it just seems to solidify its importance.

When I go to galleries or museums now, I see the usual people wandering around wondering what it’s all about. The rich people are there, but with Madoff on their minds as if, perhaps, Madoff made off with their money — or they feel squeamish at the thought — it could have been them!

Things will be normal again, even in the art world. There will always be collectors with OCD compelled to buy, buy, buy, buy, and genuine art lovers. Thank God for the "Art Appreciators." And the good art dealers — all codependents of the artists.

There are no foreclosure signs in the art world — although, this wouldn’t be a bad idea for Ed Ruscha. I can see it now, can’t you?

In the March issue of Art News, there’s an article that may be of interest: "Where Is Art Going."