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The art bubble finally bursts

By JONATHAN_FORD  

Tulips and art: beautiful but deadly

Many investment bubbles have burst in the past year—housing, credit commodities, oil and so on. But only now are we getting to the real froth.

The boom in contemporary art has been an incredible phenomenon: a true bubble of bubbles. It has exhibited all the classic features of the South Sea bubble of 1720 or the tulip madness of the 1630s. It inflated faster and more violently than other contemporary bubbles. While British house prices took six…

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