Art Market Monitor

Global Coverage ~ Unique Analysis

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

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

  • Old Masters Will Wait for CollectorsOld Masters Will Wait for Collectors
  • "Some Day Your Plinth Will Come""Some Day Your Plinth Will Come"
  • Sotheby’s Offers George Frederic Watts in Victorian SaleSotheby’s Offers George Frederic Watts in Victorian Sale
  • Vernissage TV: ArtBasel Hong Kong 2016Vernissage TV: ArtBasel Hong Kong 2016
  • A Week in Venice is Like a Month in . . . .A Week in Venice is Like a Month in . . . .
  • Fake Giacometti's Found in GermanyFake Giacometti's Found in Germany

Filed Under: Art Fairs Tagged With: ArtHampton

About Marion Maneker

LiveArt

Want to get Art Market Monitor‘s posts sent to you in our email? Sign up below by clicking on the Subscribe button.

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

twitterfacebooksoundcloud
Privacy Policy
Terms & Conditions
California Privacy Rights
Do Not Sell My Personal Information
Advertise on Art Market Monitor