You may have heard more than you want to hear about the Jeff Koons Rabbit . Here is a thoughtful reflection by Allison Schrager on the implications of billionaires chasing art and endangered lifecycle of the small and medium sized galleries. She argues that the disappearing middle class in the US economy today parallels the loss of the collector willing to pay in the $50,000 range for emerging artists. We wonder if the growing online marketplace will ever fill the void left by the disappearing galleries. Who will foster the careers of young artists or will they have to create their own audiences? Click here to read more.
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