Unlike Wall Street, the art market is booming. So reports Souren Melikian in the July 31^st edition of The International Herald Tribune. If that's true, then why are so many people on the front lines - art dealers, auction houses and artists - so worried?

The substance of Melikian's piece, which is an update on a story he wrote in The New York Times back in May, is that there are plenty of well-heeled buyers for top notch works of art - but a diminishing supply of art. "Phenomenal prices were paid this year. If Christie's Impressionist and Modern Art sales fell...in 2009, this is because the offerings were miserable - and that, too, is a fact that auction-house spokespeople are too tactful to point out. The minute anything arguably rare and important appeared, enthusiasm broke out among bidders and world records were set."

Among the trends that contribute to the shrinking supply of great art for sale, he says, is an increased number of buyers, due to the globalization of the art market. With fewer and fewer great pieces available each year, he wrote, "it is this fundamental urge to grab a chance while it is there that has so far made the art market spectacularly diverge from the rest of the economy."

But for living artists, their dealers and collectors, it's a different story, and different approaches to marketing art in this economy are afoot. In New York, a number of galleries that handle photography are looking to limited edition prints and books as a way to attract buyers, and new ways of attracting new collectors.

Left: Kuvdlorssuaq 4, 07/2006 by Olaf Otto Becker, courtesy Amador Gallery. Right: Dionicia, with Reflecting Clouds, Vermont, 2006 by Stuart O'Sullivan, courtesy Daniel Cooney Fine Art.

Aperture Foundation has launched a program for young collectors. SNAP!, as it's called, is a brick-and-mortar social networking initiative for photography aficionados aged 21 to 40. Its year-round calendar includes members-only parties, meet-the-artists events, and informal educational offerings designed to bring a vibrant group of enthusiasts into the fold. Benefits include a 30% discount on most publications, complimentary copies of two Aperture publications, and invitations to book signings, lectures, and other goodies. To join ($250 per year) please visit the SNAP! website. Proceeds benefit Aperture's Emerging Artists Fund and members get a tax deduction.

IN OTHER NEWS:
A group of Chelsea and Tribeca galleries have just launched Project 5, a collaborative program to debut on September 15^th with a portfolio of five images by five contemporary photographers. Each image has been created especially for the portfolio by the participating artists: Olaf Otto Becker from Amador Gallery; Jill Greenberg from ClampArt; Stuart O'Sullivan from Daniel Cooney Fine Art; Thomas Allen from Foley Gallery; and Guido Castagnoli from Sasha Wolf Gallery. Among Project 5's offerings are portfolio reviews, starting on September 20^th. To apply, photographers must email ten jpegs for consideration. In addition, a series of Artist's Salons will alternate between the galleries. The first will be held at Daniel Cooney Fine Art on Saturday, September 26^th at 3:00 pm. 511 West 25^th Street, New York, NY. Four emerging artists, Timothy Briner, Yola Monakharov, Jessica Dimmock, and Cara Phillips, will present new work.

Correction: The July 31^st edition of DART erroneously stated that Jeff Liao had done a series of images of Yankee Stadium. In fact, he is currently finishing up Depth of Field, about the Mets' Citi Field.

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