【精选】2010年MBA联考英语真题及答案.docVIP

Text1 The longest bull run in a century of art-market history ended on a dramatic note with a sale of 56 works by Damien Hirst, “Beautiful Inside My Head Forever”, at Sotheby’s in London on September 15th 2008 (see picture). All but two pieces sold, fetching more than ā70m, a record for a sale by a single artist. It was a last hurrah. As the auctioneer called out bids, in New York one of the oldest banks on Wall Street, Lehman Brothers, filed for bankruptcy. The world art market had already been losing momentum for a while after rising vertiginously since 2003. At its peak in 2007 it was worth some $65 billion, reckons Clare McAndrew, founder of Arts Economics, a research firm—double the figure five years earlier. Since then it may have come down to $50 billion. But the market generates interest far beyond its size because it brings together great wealth, enormous egos, greed, passion and controversy in a way matched by few other industries. In the weeks and months that followed Mr Hirst’s sale, spending of any sort became deeply unfashionable, especially in New York, where the bail-out of the banks coincided with the loss of thousands of jobs and the financial demise of many art-buying investors. In the art world that meant collectors stayed away from galleries and salerooms. Sales of contemporary art fell by two-thirds, and in the most overheated sector—for Chinese contemporary art—they were down by nearly 90% in the year to November 2008. Within weeks the world’s two biggest auction houses, Sotheby’s and Christie’s, had to pay out nearly $200m in guarantees to clients who had placed works for sale with them. The current downturn in the art market is the worst since the Japanese stopped buying Impressionists at the end of 1989, a move that started the most serious contraction in the market since the second world war. This time experts reckon that prices are about 40% down on their peak on average, though some have been far more volatile. But Edwar