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Page last updated at 01:11 GMT, Saturday, 6 December 2008

Even 'Art' has its price

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There's hardly any need to remind you about America's current economic woes. Well what about those who think of buying a Picasso? It seems even the rich are being more cautious these days. Auction houses across the globe are reporting a huge drop in sales and this week all eyes are on Art Basel, a contemporary art fair in Miami, Florida.

Our Miami correspondent Andy Gallacher reports.

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