In art, antiques, and collectibles news: The art bubble has burst—or has it? The economic atmosphere hasn’t been kind to the art market’s major auction houses, but several of them are taking steps to ensure survival. Also: Get your hands on Phillies’ World Series memorabilia while you can.

From The Financial Times (UK):
Sombre sales at Sotheby’s and Christie’s mark end of art boom

The Financial Times is calling it: The art bubble has officially burst. Citing months of poor sales at the major auction houses as a direct result of the current financial crisis, the art boom that collectors and dealers have been riding for the past six years or so is over.

From The Art Newspaper:
Auction houses embark on damage limitation exercise as market slumps

While auction houses may be down, they’re not out. Sotheby’s, Christie’s and Phillips de Pury are all taking measures to keep themselves afloat during this time of crisis. Sotheby’s withdrew $250 million from a credit arrangement in an attempt to provide some stability to its part of the shaky art market. At the same time, Sotheby’s stock plunged from $55 at the beginning of last month to $8 at month’s end. Christie’s is choosing to make changes internally, starting with policies surrounding payment of purchased lots at auction. Phillips continues to negotiate the sale of the auction house to Russian company Mercury Goods.

From Press of Atlantic City:
Collectibles stores cashing in on fans’ fever over Phillies win

Though it’s been about two weeks since the Philadelphia Phillies became the World Series Champions, you can still get a variety of memorabilia commemorating the team’s defeat of the Tampa Bay Rays—some of which is only going up in price and value. Sports-collectibles stores in Philadelphia and nearby cities are trying to keep up with demand for limited-edition collectibles.

By Elizabeth Hendley, a WorthPoint writer based in Seattle.

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