what are you talking about, 10-20 cents on the dollar. I'd like to see some examples. All markets are weak, but from what I see, the only discounting is the froth from the past 2 years. Let's put it this way, virtually anything that was bought more than several years ago, will see some appreciation. As for wine, I can tell you firsthand, there has been very little depreciation. I think what we're witnessing is the bifurcation at the top end, those that have money, are still very liquid and will be in force. (just my two cents.)
lastly, how thrilled would you be to have put say $10MM in some high end art back in the 2000-2004 period, and be able to sell it at a sizable gain since then? You certainly couldn't do that with equities or real estate.