Art: State of the Market

Last year's drop in the stock market and the long New York City newspaper strike both hurt Manhattan's long-booming art galleries, and as dealers began sizing up their season's-end experiences last week, it was obvious that the slump had one particular victim: the abstract painting that after the war made Manhattan the center of the art world. "There has been a cresting of the abstract-art market," says Phillip Bruno of the Staempfli Gallery. "Those painters in the $5,000 to $15,000 range have been hit hard. Prices have been too high and a re-evaluation...

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