“If the art economy is as bad as it looks–if worse comes to worst–40 to 50 New York galleries will close. Around the same number of European galleries will, too. An art magazine will cease publishing. A major fair will call it quits–possibly the Armory Show, because so many dealers hate the conditions on the piers, or maybe Art Basel Miami Beach, because although it’s fun, it’s also ridiculous. Museums will cancel shows because they can’t raise funds. Art advisers will be out of work. Alternative spaces will become more important for shaping the discourse, although they’ll have a hard time making ends meet.”