Auction Houses Or Discount Bins?

As the American economy continues to tank mightily, art auction houses are finding themselves in the uncomfortable position of putting masterpieces on the block for far less than they are worth, at least according to the inflated price scales of the 1990s. Case in point: a mature Rubens painting set to be auctioned soon for $4-$6 million, down from its original asking price of $25 million. In other tough news for the industry, Sotheby’s New York is facing another round of layoffs, less than a year after the company let go 375 employees.