Fiac 2007: Art Market Parallels with the Dot-Com Bubble

The 2007 Fiac art fair took place from October 18-22 at the Grand Palais and Cour carrée du Louvre, prompting discussions about the art market's expansion in relation to the dot-com bubble. Marc Spiegler, who would later become co-director of Art Basel, wrote an essay inspired by his March 2006 presentation at the Stedelijk Museum. He highlighted the swift escalation in the art market and the uncertainty surrounding valuations, referencing the $2 million E*Trade Super Bowl advertisement and the emergence of online firms like Boo.com. Prices for young artists surged, with Chelsea dealers claiming '20,000 dollars is the new 10,000.' Spiegler cautioned against insider manipulation and mentioned art investment funds such as the Fine Art Fund, asserting that a market correction wouldn’t halt growth, pointing to Amazon, eBay, and Google as enduring entities. The dossier also included Belgian collectors and a residence designed by architect Rudy Ricciotti for Jeannine and Yves Le Goff in Marseille.