Art is now an acronym for Arid Retail Trade

As the spring auctions begin, it looks as if there’s never been a greater demand for art, says Evgeny Lebedev. But despite a booming market, the art world itself is stagnant

If one was to commission a sculpture that depicted the woeful state of the British art market, then it would be difficult to improve on what Boris Johnson is proposing for the London Olympics.