Felix Salmon goes to town on the James Stewart state-of-the-art-market piece I mentioned over the weekend. The Art Market Monitor identifies the piece's "most serious" failure:
"The crux of Stewart’s complaint is that not all works are selling at
tremendous prices. But the necessary ingredient of a healthy market is
discrimination. If all works sell well, there’s no market just a mad
rush to acquire an undifferentiated mass of work. And that would be the
worst sign of all for art."
UPDATE: Further thoughts from Kathryn Tully at Forbes.com.