They say markets turn when the last skeptic gives up:

“A year ago, I was saying there was a bubble that was going to burst,” said New York dealer Richard Feigen. “This year I’m not so certain. There’s an enormous amount of money coming in from Russia and the Middle East. We’ve seen quite a few collectors from Asia and the Gulf. There is a perception that art is a good place to park money. I don’t see a reason why that will diminish.”

Russians Help Art Basel Shake Economic Woe, Falling US Demand (Bloomberg)

Market Keeps Moving But the Brakes Start to Go On (The Art Newspaper)

Inside Art (The New York Times)