Hickey on the art boom's Dionysian last gasps

After attending 2007's Frieze Art Fair and Art Basel Miami, Dave Hickey found himself pondering the retrenchment to come:

"So think of the art world as a beach and money as the surf. Waves roll inbut they always suck back out, leaving a few masterpieces, taking some beachwith them. When a really gnarly monster rolls in, the best we can hope isthat it will leave some beach behind and a few treasures in the sand, alongwith the wreckage and the bodies‹because the wave will suck away. And whenit does, as it is doing right now, the whales will either hold or dump. Ifthey hold, art will remain a stable-valued, low-liquid commodity. If thewhales dump at cut-rate prices, the art world will undergo its firstcatastrophic value re-adjustment in 40 years. It won¹t be pretty, but itwill be exciting to watch."

Read the article in Vanity Fair here.