Sounds as though the slump in the art market is not only due to a lower demand, but also because of a higher supply of good art. One of the reverberations of the biggest ponzi scheme in history by Bernie Madoff appears to be an increasing supply of good art for sale. It’s hard to believe but according to the Wall Street Journal, many art collectors who invested with Madoff had so much of their money lost that their sole liquid asset they have left is their art collection. Not that most of our readers will be able to pick up these “bargains” as they become available but it will be interesting to see what becomes available in the upcoming months.
On a funny side note, one of Madoff’s statues that was stolen from his garden was returned with a note that read ” Bernie the Swindler, Lesson: Return stolen property to rightful owners. Signed by — The Educators.”
Via Art Law Blog
