"It’s pretty hard to see how a market which has doubled in a decade can be considered to be 'tepid' and 'in a doldrums'" (UPDATED)

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.