"Auction rooms will be less fun in the year to come than in the year gone by. Throughout 2007, stories of astonishing sales records tumbled out of the press offices of Christie’s and Sotheby’s. Christie’s boasted the highest half-yearly sales in art-market history; Sotheby's claimed the highest global turnover in the company's history “by a wide margin”. Some enthusiastic players in the game came to believe the boom would go on and on. But it can’t, and it won’t."
The Economist on the art market in 2008.