Bloomberg News had this report the other day:
Wandering around Manhattan’s scruffy Lower East Side galleries, I kept hearing three words rarely uttered in the more polished Chelsea district these days: Everything is sold.
The global financial crisis punctured the art bubble last year, drying up cash and driving up caution. Now the tide seems to be turning for young galleries of the East Village and Lower East Side.
“It’s like the Dow,” said art dealer Simon Preston, who runs a gallery on Broome Street. “When it goes down, people are looking for new markets.”