Not that it's any surprise. When Irises sold for $53.9 million in 1987, any fool could see the Gogh-Gogh years were drawing to a close. No, it was not the peak; three years later, Van Gogh's Portrait of Dr. Gachet brought $82.5 million. But this is often the way it works, whether in the art market or any other -- a long run-up and then a final speculative blow-off.
A generation earlier, in 1966, the Dow Jones first flirted with 1000. It would eventually climb a bit higher, and it would not touch bottom -- 577 -- until eight years later....
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