Prices take time to adjust, but first sign of weakness came in higher brought-in rates. 2009 looks set to be a year of price contraction throughout the entire market. During the last art market contraction of 1990-1992, prices fell 44% in just 2 years. A correction of that magnitude is perfectly conceivable, especially considering the speculation to which the market has been subject over recent years: in the United States art prices rose 67% between January 2005 and January 2008. At an international level, art prices rose 48.9% over the same period, a stronger growth rate than the progressions recorded on the world's principal stock markets (CAC40:+46.9% - Dow Jones: +24.5%) over the same period.
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