Index Mei Moses All Art, for the first quarter of 2009 decreased by 35%.

[Евгений]

Index Mei Moses All Art, reflecting prices at the New York and London auctions, for the first quarter of 2009 decreased by 35%. Previously, he grew up five years in a row.
  From 2003 to 2007-th Mei Moses grew by 20%per year. Even in 2008, when the crisis has already begun, it fell only 4.5%. Now, however, the index fell, primarily on the grounds that investors, in need of cash, began to sell previously purchased products.

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As the "Official Gazette", so far the worst year for the art market was the 1991-th, when prices declined by 40%. Then it was caused by the recession in the U.S. and the collapse of the stock market and real estate market in Japan. In the 80 Japanese were the main driving force behind the art market.

Now the situation is like 91-th year, but now serve the role of the Japanese, Russians, Chinese and representatives of other developing countries. On the restoration of the art market may take up to ten years, although growth may resume as early as 2010.

Vedomosti wrote that the hardest to cheapen the work of contemporary artists whose prices could fall by 45-50%. Old Masters and Impressionists, which did not cause such a rush, have a chance to avoid a serious fall in the price.

The general director of Sotheby's Russia and CIS Michael Kamensky said that he estimated that with the fall of 2008 the first of more than $ 1 million fell 5-15%. Prices of mid-tier - $ 100 thousand to $ 1 million - down more: an average of 25-30%.
http://www.openspace.ru/news/details/9246/