Key players – Eli Broad, Jeffrey Deitch, and Tim Blum -  were all recently featured in a segment on ‘60 Minutes’ with Morley Safer. Sunday’s report from Art Basel Miami Beach was a follow up to a 1993 controversial segment titled “Yes … but is it art?” that questioned whether certain works were qualified as art. This time Safer wanted to investigate why the art market has continued to defy the current economic recession.

Tim Blum, co-owner of Blum & Poe, said that buying and selling art at ABMB is “all theatre.” There are people who buy because they absolutely love the art and it’s like their “life line,” others buy because it’s a status symbol, and then there are those who buy art because it’s on their list of things to do.

The report didn’t offer any new insight, especially to people who already follow the contemporary art market but it’s worth a watch.