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Art Show Opens in NY With Less Hedge-Fund Money for Picasso

Bloomberg – At the Art Show last year, dealer Richard L. Feigen offered an $8.5 million Pablo Picasso still life. This year, he’s highlighting less expensive art, including a $90,000 purple teapot painting by Georges Braque.

“The guys with the bonuses and hedge funds won’t be throwing money around,” he said. “There are a lot of things at lower price levels than in the past.”

The opening gala for the annual fair at the Park Avenue Armory in Manhattan proceeded last night without its sponsor, the bankrupt Lehman Brothers Holdings Inc., and with the expectation of fewer sales than last year.

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