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There are limits, of course, to any market; they just don't announce themselves until the damage starts. Art bubbles can presage stock market busts, as happened in 1987 and 2000. Several weeks ago, entertainment mogul David Geffen sold two postwar paintings by Jasper Johns and Willem de Kooning for...

Author: /time Magazine | Title: Portrait of a Bull Market | 11/13/2006 | See Source »

Art is not only about investment, however, and at the center of each staggeringly expensive acquisition is a collector who is usually rapturous about a painting. "It's not like buying and selling shoes," says Los Angeles--based art adviser Patricia Ciaffa Peyser, who handles a number of high-profile...

Author: /time Magazine | Title: Portrait of a Bull Market | 11/13/2006 | See Source »

Penélope Cruz has arrived at the top, thanks, in part, to a bottom. The actress wears the plenteous prosthetic posterior under her 1950s Sophia Loren--inspired straight skirts and clingy cardigans in Pedro Almodóvar's new film, Volver. "Mothers have beeg bottoms," the Spanish director of culturally charged...

Author: /time Magazine | Title: How Pedro Rescued Penelope | 11/12/2006 | See Source »

After Volver, Cruz filmed Manolete, an English-language movie due next year about the famed bullfighter, played by Adrien Brody. Next, she says, she is planning to produce--to develop the kind of roles for actresses that she isn't seeing--and is getting advice from her pal, Frida and...

Author: /time Magazine | Title: How Pedro Rescued Penelope | 11/12/2006 | See Source »

In helping turn the gaze of Australian painting away from the bush and toward the urban fringe where, as he put it, "Ninety-five percent of Australians actually live," Arkley was right on the money. And at the time of his death in 1999 aged 48, there were no limits...

Author: /time Magazine | Title: The Neon Backyard | 11/12/2006 | See Source »

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