"The value of art, as the old saying goes, is only what the next person is willing to pay for it. A maxim that is eerily similar to the definition of a financial bubble."
Art News Worldwide
"The value of its sales (contemporary art: note) in China increased by 983 per cent in one year (2005-06). In Russia they rose 2,365 per cent in five years (2000-05), while its stock market increased by “only” about 300 per cent."
Prospectmagazine, 20 12 2008
"Bubbles are driven by the behavior of a perennially optimistic market participants (the fools) who buy overvalued assets in anticipation of selling it to other speculators (the greater fools) at a much higher price."
Wikipedia
The contemporary art market can not be compared with others, in my opinion, because of the lack of transparancy. Where is the energy coming from?
Source:
Nouriel Roubini on Twitter
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