Art News

Ben Lewis Investigates the Rise and Fall of the Contemporary Art Market

LONDON.- The contemporary art boom is now over, but between 2003 and Autumn 2008 the world witnessed a craze for collecting contemporary art unprecedented in history. During the last frenzied year of this boom, art critic and film-maker Ben Lewis followed the contemporary art market, travelling to art fairs, auctions, museums, and the offices and homes of billionaire art collectors,, interviewing dealers, auctioneers, gallery-owners, art market analysts and art collectors, trying to find out the reasons behind this historic phenomenon. He uncovered a world of complicated deals, distinctive market practices and widespread secrecy as well as passionate enthusiasm for contemporary art. On September 15th 2008, the day of the collapse of Lehmans, the worst financial news since 1929, Damien Hirst sold over £70 million of his art, in an auction at Sotheby’s that would total £111 million over two days. It was the