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The longest bull run in a century of art-market history ended on a dramatic note with a sale of 56 works by Damien Hirst, Beautifil Inside My Head Forever, at Sotheby's in London on September 15th 2008. All but two pieces sold, fetching more than t70m, a record for a sale by a single artist. It was a last victory. As the auctioneer called out bids in New York one of the oldest banks on wall Street, Lehman Brothers, filed for bankruptcy 

The world art market had already been losing momentum for a while after rising bewilderingly since 2003. At its peak in 2007 it was worth some s65 billion reckons Clare mcandrew founder of arts economics a research firm double the figure five years earlier. Since then it may have come down to 50 billion. But the market generates interest far beyond its size because it brings together great wealth enormous egos, greed, passion and controversy in a way matched by few other industries 

In the weeks and months that followed Mr Hirst's sale, spending of any sort became deeply unfashionable. In the art world that meant collectors stayed away from galleries and salerooms. Sales of contemporary art fell by two-thirds, and in the most overheated sector, they were down by nearly 90% o in the year to November 2008 within weeks the world's two biggest auction houses, Sotheby's and Christie's, had to pay out nearly 200m in guarantees to clients who had placed works for sale with them.

The current downturn in the art market is the worst since the Japanese stopped buying Impressionists at the end of 1989. This time experts reckon that prices are about 40o down on their peak on average, though some have been far more fluctuant.But Edward Dolman, Christie's chief executive, says: " Im pretty confident we're at the bottom .”

What makes this slump different from the last, he says, is that there are still buyers in the market. Almost everyone who was interviewed for this special report said that the biggest problem at the moment is not a lack of demand but a lack of good work to sell. The three Ds-death, debt and divorce-still deliver works of art to the market. But anyone who does not have to sell is keeping away, waiting for confidence to return 

21. In the first paragraph, Damien Hirst's sale was referred to as" a last victory because 

A. the art market had witnessed a succession of victories 

B. the auctioneer finally got the two pieces at the highest bids 

C. Beautiful Inside My Head Forever won over all masterpieces 

D. it was successfully made just before the world financial crisis 

22. By saying " spending of any sort became deeply unfashionable" ( Line 1-2 Para. 3) , the author suggests that 

A. collectors were no longer actively involved in art-market auctions 

B. people stopped every kind of spending and stayed away from galleries 

C. art collection as a fashion had lost its appeal to a great extent 

D. works of art in general had gone out of fashion so they were not worth buying 

23. Which of the following statements is NoT true?

A. Sales of contemporary art fell dramatically from 2007 to 2008 

B. The art market surpassed many other industries in momentum 

C. The art market generally went downward in various ways 

D. Some art dealers were awaiting better chances to come 

24. The three Ds mentioned in the last paragraph are 

A. auction houses favorites 

B. contemporary trends 

C. factors promoting artwork circulation 

D. styles representing Impressionists 

25. The most appropriate title for this text could be 

A. Fluctuation of Art prices 

B. Up-to-date Art Auctions 

C. Art Market in decline 

D. Shifted Interest in Arts