Colin Gleadell picks the top ten moments of 2008 in the art market. His ten are in chronological order describing an arc of triumph into fear:

9 In November, Prince Nikita Lobanov-Rostovsky picks up bargain of the year at
Christie’s Russian art sale in London when a drawing, estimated at 2,000 to
3,000 pounds is knocked down to him for just 13 pounds.

Ten Art Market Moments of 2008 (Telegraph)