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Prophecies that the art market bubble would burst have proved empty. Yet some of us keep making them. How long can an idea of the "contemporary" last?

By Ben Lewis   October 2006

Paul Krugman, the American economist and commentator, is known for his predictions—which have not yet born fruit—of the collapse of the American economy. Does the art world need its own Paul Krugman? Killjoys such as myself look forward to each big fixture on the art calendar in the hope that it will be the watershed. We imagine sales showing a dip, then a downward slide, and finally a crash, bringing with it the impoverishment of a thousand talentless artists and greedy dealers. The return of the Frieze art fair to London in October gives us a chance to utter another…

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