Art Market Flouts Recession in Miami Beach

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At America's biggest art fair this week, major museum directors and other collectors are lining up to bid on paintings, sculptures, assemblages and collaborations insured for $2.5 billion. While this Thanksgiving week was the worst for the equity markets since 1932, that has not put a crimp in Art Basel Miami Beach, where 260 galleries are showing works by 2000 artists with asking prices into the millions. Katya Kazakina is the art market reporter for Bloomberg News.