The jpeg market is over

The NYT reports on the crash in the art market.

The manner in which art is purchased will probably become more conventional too. In the flush years it was common for auction houses to sell to people who never actually saw a work live but bought simply based on an e-mailed image or a picture in a catalog. “The jpeg market is over,” Mr. Meyer said. “We’re getting back to selling art you really have to look at.”