FEATURES 66 Art Advisers Roundtable Four of the field’s leading figures gather to talk about buying strategies to weather any climate. Read the Article 72 next season’s collection? Contemporary fashion photography is slowly gaining ground in the fine-art market. By Jean Dykstra Read the Article 60 When in Maastricht for…tefaf Every March, TEFAF brings connoisseurs from all over to the small Dutch city with loads of low-key charm. Read the Article DEPARTMENTS 12 Letter from the Editor Reflecting on the contents of this issue—and many of the issues that affect the international art market. Read the Letter 17 In the Air Glittering Goodbye Just Folk(s) Pressure Valve Dragon Them Down? Scene Stealer 19 Movers+Shakers East Is East Close to Home Beckoning Bay 21 Conversation With... Katelijne De Backer The Armory Show’s Katelijne De Backer on surviving the recession and the role of fairs today. By Sarah Douglas 23 The Reporter The Art of Cutting Back No Show Métier Master 29 Datebook What’s happening this month at galleries, museums, auctions and fairs around the globe. Tried and True La Vie Bohème Artillery of Art Nosy Business Shades of Sickert Good Tradition A Loud Squeak Eastern Imports 34 In the Studio Mickalene Thomas The artist’s paintings are lush and dazzling, but they have more than surface appeal. By Meghan Dailey 49 Souren Melikian Gone (Art) Hunting Auction enthusiasts, take note: A new age has dawned in the art market, and collectors must evolve. 57 Books Required Reading Three titles that delve into distinct areas of Chinese art’s long and distinguished history. By Laura B. Whitman 59 opinion Houses of Cards Economist David Kusin on the perils of giving guarantees and loans to collectors. By David Kusin MARKETFILE 85 Artist Dossier Yayoi Kusama Yayoi Kusama marks her 80th year with a Gagosian Gallery show and an impressive auction record. By Bridget Moriarity 94 The Canvas Fantastic Voyage A tour of Tokyo’s galleries confirms that Japanese contemporary art is hotter than ever. By Benjamin Genocchi 93 The Game Plan Label Conscious The baroness in charge at Château Mouton Rothschild taps an art star to create the label for her latest vintage. By Ted Loos 96 Auction Review Chicago and New York: 20th-Century Design Bidders showed a conservative streak at the design auctions in New York, favoring midcentury work from proven sellers. By Judith Gura 104 Databank Some of Its Parts A look at how five subcategories of Asian art have fared since last fall, now that the market has cooled.