The first half of 2012 has seen a marked drop in art sales, especially in Asia. Total profits in China’s “big four” auction houses were down 32% from the fall of 2011.This comes after the Asian art market had expanded drastically in 2011, causing many to wonder if China’s art bubble has been popped. William Ruprecht, Sotheby’s chief executive, credits the decline in results to economic weakness worldwide and fewer single-owner sales than in the spring of 2011, a record-breaking season.
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