1973 Oil Embargo (oct 1, 1973 – mar 1, 1974)
Description:
In 1973, an oil embargo was placed on several countries by OPEC, which caused a global recession and economic turmoil. This impacted the art market as people had less disposable income to spend on luxury items such as art.Added to timeline:
Date:
oct 1, 1973
mar 1, 1974
~ 5 months