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The bursting of the contemporary art bubble has been a comedy of errors. But what will the market's collapse mean for museums and artists?

By Ben Lewis   February 2009

I watched a funny video on the internet the other day. It wasn’t an uploaded Monty Python or Two Ronnies sketch, but it reminded me of their best jokes. It was on the website of one of the world’s largest auction houses, Sotheby’s. Titled “The Contemporary Art Market: A Candid Look from the Inside,” it was a corporate attempt to explain the sudden decline in prices for contemporary art.

In the video, Tobias Meyer, head of contemporary art at Sotheby’s (and also the generalissimo of the contemporary art boom and the man who said the art market was “non-cyclical”) began…

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