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Dear Readers, I am writing a fortnight ahead of the new year, amidst rumours that the art market is suffering from an incipient decline that parallels that of the stock markets. The news analysts, for sure, are cashing in on the anxiety and speculations. We are told that the sales at auctions are not heartening, with many lots unsold or selling below estimated values. Also, shares of the auction house Sotheby’s have tumbled, and major auction houses are now going back to the drawing board on their strategic plans and announcing restructuring measures.
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