From the Wall Street Journal: The Art World Goes Local.

At the height of the boom, art collectors scrambled to acquire works by top artists from rising markets including China, Russia, India and the Middle East. A serious approach to collecting meant trips to London, New York and Hong Kong several times a year for auctions, and mandatory stops at the art fairs in Cologne, Miami Beach, London, Shanghai and Basel, Switzerland.

Now, a full year since the recession gutted the global art market, collectors are canceling their trips. Some Westerners are now loath to dip into markets like Russian or Indian contemporary art, whose prices soared during the boom but whose long-term value is less established. Many are cutting back on expensive art-buying trips. And some collectors say they’re interested in supporting local artists, particularly at a time of economic hardship-the cultural equivalent of buying an American car instead of an import.