The Business of Art in Santa Barbara (published in May of 2009 in the SB News Press)

The art market, as with the real estate market, enjoyed a meteoric rise in prices from the lows set back in 1991 (the last time the art market crashed).  The peak of the market this time was punctuated in May of 2007, when David Rockefeller sold his Mark Rothko, “White Center (Yellow, Pink and Lavender on Rose),” for $72.8 million, far above the painting’s $40 million estimate, and setting records…