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PRINT December 2007

Debra Singer

THE NEW YORK STORY may seem to be one of money, but even so, it is a tale encompassing many turns. Certainly, the celestial auction prices of an overheated art market dominated headlines in 2007, to say nothing of griping kaffeeklatsches of collectors, curators, and gallerists. Yet underdiscussed, perhaps, is how the long-bullish economy has affected sectors of the New York art scene that ostensibly linger on its fringes, enabling small galleries and alternative, nonprofit arts spaces to flourish. Indeed, the ever-expanding popularity of contemporary art—underwritten by the city’s many investment bankers, hedge-fund managers, real estate developers, and entrepreneurs, whose pockets have for years been overflowing—has meant that even those galleries cultivating a more renegade, anticommercial stance have sold enough to keep the doors open and, on top of that, turn a tidy profit.

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