On way home today, at Zurich airport (yes, I fly cheap zig-zags...), I bought a (probably quite old - 03/2009) copy of the German mag Artinvestor. It doesn't have anything to say about Russian art. But the Germans are pre-occupied with the idea that Obama's policies will lead to inflation, possibly hyper-inflation, and this issue contains an analysis from Wolfgang Wilke, a private art-market analyst, about what happens to the price of art in a high-inflation environment. He takes the example of the print market in Germany in the period 1914-23, which ended with hyper-inflation and currency reform. Apparently the prices of the most expensive prints (in those days, by artists such as Zorn and Whistler) ran ahead of quite serious inflation in the period 1914-20, but in the period of hyper-inflation 1920-23 couldn't keep up. Wilke further notes that (a) after the currency reform the prints retained much value, whereas cash didn't and (b) the value of works by most of the top-selling print artists of the period 1915-20 is much less today than it was then (presumably he means in real terms, adjusted for inflation).
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