Will the Recession effect the art world ?

With falling property prices and people being terrified to sell or buy anything at the moment for fear of great financial loss it got me thinking as to the knock on effect the recession may or for that matter may not have on the art world.

Is the art world immune to recession?

Would a work of art lose or retain its value?
After all a work of art is just that.Can you afford to sit by and ride the market. With the great works of art from the masters the artist is already dead so its not like there will be any more of the item you require to choose from at a later date. Its a one of, there would never be another. There will always be others like it, but never the original. Once a work of art is sold to a gallery or collector the chances of it re-emerging on the one open market are minimal.

It could be argued that a work of art is only worth what a buyer/collector is willing to, or can afford to pay for it and so in an unstable market would it be unlikely for a piece to fetch less than its expected price?

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