And now for some bad news

The art world is still suffering, bad news this week includes:

-A disappointing Impressionist and modern art sale at Christie's London, which just barely cleared the $60 million low estimate. As Souren Melikian says: The hard lesson for auction houses is that scraping the barrel to fill a catalog no longer does the trick. To do well, you need real art and there is not much left of it.

-Contemporary art galleries in Chelsea (and pretty much all galleries in New York) are in trouble this summer, and there have already been several notable closings. The notoriously slow summer season combined with a huge recession in art buying make it survival of the fittest (and best-marketed).

-More and more exhibitions are being cut from museum schedules due to financial concerns, and in most cases, a lack of funding.

-The Guggenheim and the Metropolitan Museum announced last week that both major institutions will cut more staff. The Guggenheim will cut 25 positions, or about 8% of their full time staff, while the Met laid off 74 employees and offered 95 other employees retirement packages.


But let's end on a good note!

-Most of the documents, many dating back to the Middle Ages, have been recovered from the rubble of the Cologne Archives, which collapsed back in March. The catch is that everything has to be sorted and re-cataloged, and 15% of the materials are still missing.

-Art Basel did surprisingly well, partially due to lowered prices and partially owing to the fact that most rich art collectors are still rich.