NEW YORK—With the sturm und drang of international art fairs and auctions sidelined until the fall, shopping for art goes local and casual for the rest of the summer.

The downtown magnet of the New Museum and its latest uber group exhibition, "After Nature," curated by Massimiliano Gioni, set the scene for the four shows and five works featured here. It might be hard to imagine an exhibition including both Maurizio Cattelan and (the late) Reverend Howard Finster, but that pairing epitomizes the wacky (and dangerous) terrain out there these days. One senses stirrings of bad things to come.

Click on the photo gallery at left to continue reading Overvalued/Undervalued.

Judd Tully is Editor at Large of Art+Auction.