L.A. Times’ Christopher Knight reflects on the market as 2012 draws to an end, with a certain inconsistency in the art market as a whole: demand for high-quality modern and contemporary work, with soaring prices for young artists is coupled with the failing economic health of many nonprofits, (LACMA certainly among the most well-known examples). “Obscene private wealth and gross income inequality are global phenomena; the economic system is rigged and surplus cash must go somewhere”.  (more…)