RECESSION? WHAT RECESSION?

Not all of the population is experiencing an economic downturn as can be seen from the returns from the auction house Christie's. "A record breaking £53.8 million price tag for an abstract painting by Mark Rothko has helped Christie's to deliver a healthy surge in art sales as wealthy collectors splashed out on postwar masterpieces. The auction houses half-year art sales jumped by 13 per cent to £2.2 billion in a sign that the top end of the market remains largely exempt from global economic uncertainty." (Times, 18 July) The Rotho is by no means unique as a Yves Klein painting went for £23.6 million and a Henry Moore sculpture fetched more than £19 million. The owning class seem to be surviving the recession rather well. RD