dropcard.com - business news

If, like most entrepreneurs, you've been focused on the real estate recession and record-setting energy prices, you might not have noticed a big surprise in the art market: It's still partying like it's 1999.

Marc Michel, director of digital marketing firm Greater Than One, based in New York, needed a local office to run European ad campaigns for U.S. medical firms. So he spent July 2007 scouting London, Hamburg, Zurich, and other cities. But Michel, 33, soon settled on Madrid.