The news from the art world has been almost uniformly bleak. Prices are down some 30% since the start of the year, sales volume has been way off at auctions, and galleries across the country have either been slashing overhead or closing their doors. In New York alone, more than two dozen galleries have gone belly-up since the start of the recession.

If history is any guide, however, the picture should soon start to brighten. Art economist Mike Moses, co-founder of Beautiful Asset Advisors, says that art prices generally follow stocks, but with a lag of six to 18 months, as buyers and sellers adjust to their rising or falling levels of wealth.