Art Moscow features works from 40 galleries – both from Russia and around the world. Originally, the art fair was supposed to run in May, but Expo Park Exhibition Projects Ltd., its organizer, pushed it back to hit at the same time as the state run Third Moscow Biennale of Contemporary Art. The dual event may bring a bigger turnout, but it will have to overcome a 10 percent contraction in the Russian economy.

Counting against Art Moscow ... aside from general economic malaise ... is the fact that the sale of Russian artwork is down. The major auction houses in London moved only $48 million in Russian art in June, down more than half from the same auctions in 2008.

So, how likely is a stream of cash? Igor Markin, a big-time collector and owner of the Art4.ru museum, says he "hasn't bought anything in a long time."

Larry Salander's glory days may be behind him, but that doesn't mean he stopped being a target. The 60-year-old bankrupt former mover and shaker was arrested again this week on a fistful of felony charges. On the list are three counts of grand larceny in the first degree and a count of falsifying business records in the first degree. If the stars line up against Salander, he could face a total of 29 (25+4) years behind bars.

All of this comes on top of a 100-count indictment filed back in March, in which Salander was accused of stealing a whopping $88 million in art from 26 collectors around the world.

Salander's claim to fame was that he was the first half of New York's Salander-O'Reilly Galleries. Leigh Morse, who worked as the director, was also arrested, charged with grand larceny and scheming to defraud several high-profile art estates. She could do 11 years (7+4) if the worst arises.

Both have gone the "not guilty" route, with Salander out on bail and Morse out on bond. But, neither is likely to be selling art anytime soon (I guess they have bigger problems than the current slump).

Art collectors benefit in two ways. It looks like two (alleged) bad guys are being yanked from the art scene. And, Manhattan District Attorney Robert Morgenthau sweetened the pot by offering some advice: "be careful who you consign your art to."

Yeah, thanks.

The mood in the Hamptons has been affected by real estate prices, plunging bonuses and – of course – the ongoing art market slump. But, the collectors gathering at ArtHamptons are trying to keep stiff upper lips. Rick Friedman, its founder and executive director, is saying that now is the best time to enter the art market, with low prices building in an inherently greater upside. And, there's no doubt. If you have the cash to put into the art market – and the inclination to invest in this asset class – now is the time to do it.

The major constraint on the art market isn't the notion that it's a bad time to invest. Any fairly serious art collector can see that this is the time to make a move. Like any other "discount," you can't take advantage of it if you don't have the price of admission. You might be able to pick up the Old Masters for a relative song right now, but if your bonus got slashed this year, the opportunity may not be possible.

So, what's moving at ArtHamptons this year?

Jane Wilson, who one a Lifetime Achievement Award this year, has seen some success, along with Elliott Erwitt, Lillion Bassman and other artists who lean toward decorative pieces. For some, the year's even been positive, with gallery director Joseph Newman calling the first quarter of this year the best he's had. Trompe l'oeil is working well, too. Interested in buying a Madoff joke for $13,500? You can do it with Eric Forstmann's Made Off with the Bail Out Package.

Meanwhile, soft porn is moving ... so, at least someone is making money on the skin business (the hardcore guys sure aren't). Suggestive images have always packed a bit of a thrill, and pieces that ply the flesh are doing well out in the Hamptons this year. Boyarde Messenger's Frilly in Yellow ($3,350) and Changing Rooms III moved for almost three times that amount.

The feel is somewhat upbeat at ArtHamptons this year, but the action is definitely taking place in the emerging artist space. Nonetheless, there are some big ticket items up for sale. At Vered Gallery's booth, you'll find a Picasso, Chagall, de Kooning and Rauschenberg – not to mention a 1984 portrait of Michael Jackson by Andy Warhol. If you're liquid, now's the time to enter the market!

If you crave a weekend full of antiques, Amish quilts and shoo-fly pie, it's just getting to be the right time of year for a visit to Lancaster County, Pennsylvania.

But let's face it, all that old-fashioned country goodness can be a bit much if you're getting it around the clock. So instead of a B&B, consider staying at the Lancaster Arts Hotel. This 63-room boutique property is in a renovated 19th century tobacco warehouse, and while it's a member of Historic Hotels of America, there's nothing twee or sweet about it. Exposed brick walls and beams are paired with sleek modern décor, and the work of local artists are on display throughout.

The hotel is quite near Lancaster's emerging arts district, which has many galleries, some not-quite-ready for prime time, others that would be at home in any resort destination. Either way, it's the most fun to experience it when there's a crowd on hand, since, as a former industrial city, Lancaster can feel a bit depressing when it's empty. This is not a problem on the first Friday of the warmer months, when there's usually a great turn out for First Fridays -- all the galleries stay open to at least 9 p.m. The Lancaster Arts Hotel offers a few arts weekend packages among them, a First Friday package. Rates are about $200 a night for a studio room to around $300 a night, and up, for a suite.

Coming up Saturday, May 16th, is the Madison Avenue Gallery Walk. From 11 am to 6 pm, approximately 50 galleries on Madison Avenue between 57th and 86th Street will open their doors to raise funds for arts education in New York City public schools.

The sprawling, day-long event will include free guided gallery tours conducted New York City public school art teachers, and a silent auction of notable works donated by participating galleries.

Pictured is the Whitney Museum where, if you complete a family-friendly scavenger hunt, you can get 2 for 1 admission.

The Madison Avenue Gallery Walk is sponsored by HSBC Bank USA, N.A. and New York magazine, and benefits the Fund for Public Schools.

Any successful entrepreneur can tell you that tough markets are fertile ground for future success. If you can carve your piece of the world out now, an upturn later will reward you handsomely.

This sentiment must be on the mind of young British artists – such as Merlin Carpenter. London's contemporary art galleries are starting to show affordable works by newer artists. Far from investing in the future or giving the hopeful a fighting chance, this tactic is seen as a way to develop a near-term revenue stream that will help galleries survive the current financial crisis. Retrospectively, this stopgap measure could be seen as pure genius for the art galleries that discover the next Richard Prince or (blech) Damien Hirst.

Claims of forward thinking, however, will have to remain in the future. For now, dealers and galleries in London are struggling. Allsopp Contemporary shut down an exhibition space, and Yvon Lambert pulled out of London.

The market is searching to find – and exploit – some young blood, and buyers are pressing for discounts. The winners may just be the artists. Those discovered through desperation will define the market in the future.