ART & the Economy

What impact will a falling economy have on the art market? Art does well in a tough economy because it is an asset that can hold and appreciate in value assuming you purchase quality collectable art. Look for artists that have some history and a re-sale market. Also look for artists that use their talent full time and are professional in their pusuit of improving themselves. An artist who treats their passion as a hobby is not going to be someone to collect long term unless they get real lucky.