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...boom is over and tough times loom. The U.K.'s FTSE-100 stock index has nosedived in recent days and is down about 35% in the past year. Three famous British banks have already imploded - Northern Rock, HBOS and Bradford & Bingley. And after a dramatic plunge in the stock price of other banks, the deeply rattled British government came to the rescue on Oct. 8, announcing an emergency $88 billion recapitalization package. The City has been through enough slumps to know what to expect next: layoffs, shrinking bonuses for those lucky enough to keep their jobs, and a new frugality...
...year and 2010 as the city's economy contracts - although if the credit crunch is protracted, it predicts that the number could rise to almost 150,000 next year alone. Real estate is already reeling. Plans for two huge new skyscrapers in the City have been shelved, and the price of prime residential houses in central London has dropped by 12% so far in 2008, according to realtors Savills, while sales volume is down by 50% in some areas like Clapham and Fulham. That's just the start. Vincent Tchenguiz, one of the biggest property moguls in the U.K., believes...
...short of Sotheby's low-end estimate of $587,500 - and several pieces, including paintings by star contemporary Chinese artists Zhang Xiaogang and Yue Minjun, went unsold at the modern and contemporary Asian art sale on Oct. 4. Many say the unimpressive results were a combination of already overinflated price estimates and the dismal economy. "Particularly with the fund managers, if they are concerned with things happening in the world, they may be inclined to hold on to their funds," says Mark Joyce, owner of Koru Contemporary Art in Hong Kong...
...slowdown in snapping up the work of rising Southeast Asian artists, however. The Sotheby's auction for modern and contemporary Southeast Asian paintings on Oct. 6 had better sales, with I Nyoman Masriadi's "The Man from Bantul (The Final Round)" selling for $1,006,356 - a record price for both Southeast Asian contemporary art and the Indonesian artist. While Chinese contemporary art is looking like it may be heading for a slowdown, Bashat says, "Southeast Asian art still has appeal in this sense: good value art at reasonable prices, and artists that are yet to be discovered...
...Beijing-based artist Zhao Gang isn't surprised. "Three years ago the prices started going higher and higher," says Zhao. "Last year the price was pushed way too high, and it's got to come down." In 2006, a collection of dreamlike portraits and landscapes by Zhang brought in just over $24 million - more than British art phenom Damien Hirst made in all of 2006. At Sotheby's Oct. 4 auction, the highest selling painting was Zhang Xiaogang's "Bloodline: Big Family No. 1," which sold for just under $3 million. In May, at rival auction house Christie...