Art prices plunged during the first quarter of the year as cash-strapped collectors looked to unload works by postwar masters that had earlier boomed in price along with the stock market. The Mei Moses index, set for release on Tuesday, shows art prices fell 35 per cent in the first quarter. The decline accelerated as people who lost money in the financial crisis, including victims of the Madoff fraud, put up works for sale, often at a loss, the FT reported.

This entry was posted by Stacy-Marie Ishmael on Tuesday, April 7th, 2009 at 4:49 and is filed under Capital markets. Tagged with Art, mei moses. Edit this entry.