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  3. The longest bull run in a century of art-market history ended on a dramatic

The longest bull run in a century of art-market history ended on a dramatic

游客2023-09-05  35
问题     The longest bull run in a century of art-market history ended on a dramatic note with a sale of 56 works by Damien Hirst, Beautiful Inside My Head Forever, at Sotheby’s in London on September 15th 2008. All but two pieces sold, fetching more than ￡ 70m, a record for a sale by a single artist. It was a last victory. As the auctioneer called out bids, in New York one of the oldest banks on Wall Street, Lehman Brothers, filed for bankruptcy, triggering the most severe financial crisis since the 1920s.
    The world art market had already been losing momentum for a while after rising bewilderingly since 2003. At its peak in 2007 it was worth some $65 billion, reckons Clare McAndrew, founder of Arts Economics, a research firm — double the figure five years earlier. Since then it may have come down to $50 billion. But the market generates interest far beyond its size because it brings together great wealth, enormous egos, greed, passion and controversy in a way matched by few other industries.
    In the weeks and months that followed Mr. Hirst’s sale, spending of any sort became deeply unfashionable. In the art world that meant collectors stayed away from galleries and salerooms. Sales of contemporary art fell by two-thirds, and in the most overheated sector, they were down by nearly 90% in the year to November 2008. Within weeks the world’s two biggest auction houses, Sotheby’s and Christie’s, had to pay out nearly $200m in guarantees to clients who had placed works for sale with them.
    The current downturn in the art market is the worst since the Japanese stopped buying Impressionists at the end of 1989. This time experts reckon that prices are about 40% down on their peak on average, though some have been far more volatile (动荡的). But Edward Dolman, Christie’s chief executive, says, "I’m pretty confident we’re at the bottom."
    What makes this slump different from the last, he says, is that there are still buyers in the market, whereas in the early 1990s, when interest rates were high, there was no demand even though many collectors wanted to sell. Christie’s revenues in the first half of 2009 were still higher than in the first half of 2006. Almost everyone who was interviewed for this special report said that the biggest problem at the moment is not a lack of demand but a lack of good work to sell. The three Ds — death, debt and divorce — still deliver works of art to the market. But anyone who does not have to sell is keeping away, waiting for confidence to return. [br] The three Ds mentioned in the last paragraph are______.
选项 A、auction houses’ favorites
B、contemporary trends
C、factors promoting artwork circulation
D、styles representing impressionists
答案 C
解析 根据题干中的three Ds将本题出处定位到末段倒数第二句。该句提到，三个因素——死亡，债务和离婚——依然为市场提供艺术作品。[C]中promoting artwork circulation是对该句中的deliver works of art to the market的同义转述，故为答案。[A]“拍卖行的最爱”和[B]“当代的趋势”均未在文中提到，故排除；文中第四段首句提到印象派作品，但并未说这三个D代表了印象派的风格，故排除。
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