Art Market Monitor

Global Coverage ~ Unique Analysis

  • Contact Us
  • Podcast
  • Newsletter
  • AMM Fantasy Collecting Game
  • AMMpro

Hurting in the Hamptons

August 25, 2010 by Marion Maneker

Godfather of the Hamptons, Steven Gaines, explains in New York Magazine that the Hamptons is suffering through the financial crisis along with the rest of us. It’s even taken a bite out of ArtHampton’s sales which were down significantly this year:

Last month Moody’s downgraded East Hampton’s credit rating and revised its outlook from stable to negative, “citing depletion of the town’s financial reserves.” And at this year’s Art Hampton, a baby Art Basel that was attended by 8,000 people, sales were down 40 percent to $6 million. When the Parrish Art Museum broke ground for a new Herzog & de Meuron building last month, it had to settle for a modest $25 million building instead of the dazzling, $80 million, pre-crash version. Yes, people are really hurting.

Recession, Hamptons Style (New York)

More from Art Market Monitor

  • Pulling Back at the ParrishPulling Back at the Parrish
  • Art & Political Expression in the Gulf StatesArt & Political Expression in the Gulf States
  • Untitled Fair ReportUntitled Fair Report
  • A Short History of Lorenzo RudolfA Short History of Lorenzo Rudolf
  • ABMiami: Toning Down & Spreading OutABMiami: Toning Down & Spreading Out
  • ABMB 'Contracted' & 'Consolidated'ABMB 'Contracted' & 'Consolidated'
  • Print
  • Tweet

Filed Under: Art Fairs Tagged With: ArtHampton

Advertise on Art Market Monitor with Nectar Ads

Top Posts

  • The Famous Rauschenberg Scull Shoving Match Didn't Go Down the Way You Think It Did
  • David Hockney's $20m Pacific Coast Highway & Santa Monica
  • Artelligence Podcast: Adam Lindemann on How Auctions Work
  • Norman Rockwell's Not Gay. But Is He a Great Artist?
  • Peploe Leads Scottish Colourists at Lyon & Turnbull
  • The Economic Value of Michelangelo's David
  • How Park West Sold $93m in Peter Max Paintings
  • Re-discovered John Constable Painting at Sotheby's in December
  • Max Ernst's Long Career Captured in London Show this October
  • Sotheby's to Follow Sanyu Record with Quartre Nus This Spring in Hong Kong


  • About Us/ Contact
  • Podcast
  • AMMpro
  • Newsletter
  • Art Loans
  • FAQ

twitterfacebooksoundcloud
Privacy Policy
Terms & Conditions
Advertise on Art Market Monitor