AND THIS IS HOW THE ART BUBBLE ENDED

Here’s what happened as Monk would say. It started with the Dutch government which for decades had supported their visual artists with a wonderful art subsidy program. Then one day they woke up and saw they just had too many paintings in storage so they realized they had  to clean out their closet..( moving them out of overstocked storage facilities where they were just gathering dust). So local galleries were asked to assist and  the Foundation of Disinherited Goods started to clear out 5,000 works of fine art from its collections which were scattered among different storage facilities. The reason was the Museum said that they wanted people to see the works and to buy them. Most artworks that Museums have only show a small percentage of them.. Word spread. , this process called “deaccessioning” became a source of controversy throughout Europe as Museums in Britain, Germany and France discussed this. And not only them but the Foundations holding masses of paintings, the Banks with their vaults full of valuable paintings, the new storage facilities recently built for paintings bought but never looked at bought like stocks, as some collector said “well I buy a range I figure some of them will go up” well, slowly  it sunk in maybe the prices will not go up for ever, so the Russian/Chinese/Indian and  other new art  collectors of the world started giving their  art works to the Auction houses.. to be sold. More and more paintings were submitted without reserve..nobody wanted to be the last man standing I mean will the last man holding the Jeff Koons  dog plate please shut the door. The big Auction houses had trucks coming all through the night delivering the goods and slowly the young collectors who thought whatever they would buy  would go up stopped buying stopped bidding……and then…….OK Ok . You can wake up now it was just all a bad.. dream……..well almost, there is some truth in the tale I’m telling you..which part ah!  there’s the rub. ..Sweet Dreams