In New York, artists pin hopes on 'affordable' art
* Prices range from $75 to $10,000
* 64 galleries participating
* Demand 'struggling a bit'
NEW YORK, May 8 (Reuters) - Artists and gallery owners have their fingers crossed at New York's Affordable Art Fair this week, waiting to see how the economic downturn affects sales of their work even as demand in the high-end market crumbles.
Taking place for the eighth year, the fair aims to lure new art buyers and longtime patrons with prices ranging from $75 to $10,000. Most of the work is priced at $5,000 or under.
Despite the "affordable" tag, attracting buyers is still a daunting task when consumers are shying away from anything expensive or unnecessary in the economic slump.
About 64 galleries are participating in this year's affordable art fair, down from 70 last year. The fair opened in Manhattan on Thursday and ends on Sunday.
Jenny Hirst, an artist from Manchester, England, who exhibited her work at the namesake fair in London and was attending the New York show, said the demand for affordable art "is struggling a bit." Continued...
Gold fever spreads