Mark Rothko's “White Center (Yellow, Pink and Lavender on Rose)" sold for $72.8 million at Sotheby's.

I've been to the Rothko chapel in Houston, but I really don't know much about Rothko. This story (and its mention of an inflated market for modern art) reminded me of Lanham's discussion of the Attention Economy, and I was wondering if anyone has studied how an inflated market for modern art influences (or is influenced by) or emerges out of a larger economic moment. Or, is the market for art fairly autonomous when considering larger economic trends?

Just a thought...

I'm at Computers and Writing in Detroit right now. I'm killing time before I head over to the Detroit Beer Company for drinks and appetizers (brought to us by the fine folks at Bedford St. Martins. The Wayne State dorms are really nice (and secure, you have to swipe a card to get in...I'm reminded of how we used to prop doors open with pizza boxes at my undergrad dorm to sneak people in.) More C&W blogging to come...