With the markets going south and the real estate groups sweating it out there's a lot of language being tossed in to the breach. In todays Times one of the players in this game, who recently bought a huge portfolio of very expensive buildings, is poo-pooing the idea that anything is wrong. "...He said the tightening of the credit market is likely to discourage “the speculative construction that’s planned — which means that the market would only get tighter.” And in such a market, he said, high-quality buildings like the ones owned by the Macklowes would have the most appeal to investors. “In brief moments of uncertainty,” he said, “one tends to find a flight to quality in terms of investing.”" What struck me was the phrase "flight to quality." In the coming months you'll be hearing this term over and over again in the art world as the investors try to clear out their underperforming product and the blue chips get more expensive. Things will be tight for the up and coming and for those whose work doesn't fare well in the auction houses. We'll begin to see how much real influence the auction houses have over what gets shown and who gets talked about. We'll also get to see how resilient the art fairs will be. These fairs are very expensive to put on, and during the fat market, everyone wanted to play. Will it continue to be so? Business is going to be a bit more difficult. Maybe Art will have a chance to actually make itself known while everyone is concentrating on saving their backsides! A sneak attack of new ideas! Wouldn't it be great!