The Financial Times reports:

Prices plunged in the last quarter of 2008, according to a survey conducted by the Royal Institution of Chartered Surveyors. The quarterly poll of surveyors found that art prices in the £50,000-plus ($72,125-plus) range had fallen particularly heavily since the demise of Lehman Brothers, the US bank, signalled the deepening of the economic downturn.

Chris Ewbank of Rics said the downturn in the art and antiques market had not been nearly as dramatic as in other areas of the economy. “The contemporary art sector has soared over the past few years and we are now in the midst of a correction,” he said. Some parts of the market, such as jewellery and silver, had remained stable over the same period, because they were regarded as safe havens in times of economic uncertainty, said the survey.

Top-end art prices finally succumb to crunch (Financial Times)