Art prices plunged during the first quarter as cash-strapped collectors looked to unload works by post-war masters that had boomed along with the stock market earlier in the decade.
The Mei Moses index, set for release today, shows art prices fell 35 per cent in the first quarter, having held up during earlier months of the financial crisis. Last year, the overall index, which mainly reflects New York prices, fell 4.8 per cent.
The decline accelerated in recent months as people who have lost money in the financial crisis, including victims of the Madoff fraud, put up works for sale, often at a loss, several art world insiders said.
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