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A second tulip mania

The prices of contemporary art works have risen to astonishing levels in recent years. Insiders say it's because we have been living through a golden age of art. Nonsense, argue Ben Lewis and Jonathan Ford, it is a classic investment bubble

By Ben Lewis   December 2008

The bubble in contemporary art is about to pop. It has exhibited all the classic features of the South Sea bubble of 1720 or the tulip madness of the 1630s. It has been the bubble of bubbles—balancing precariously on top of other now-burst bubbles in credit, housing and commodities—and inflating more dramatically than all of them. While British house prices took six years to double at the start of this century, contemporary art managed it in just one, 2006-07. (Over the same period, old masters went up by just 7.6 per cent and British 17th to 19th century watercolours actually…

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