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By the end of the 1970s, the New York art world had gotten pretty stale. Major collectors had bowed out, bored after buying the giants of pop and not seeing much new or exciting work beyond them. Artists seemed to be outdoing each other to make work that only an institution could love or exhibit. The city itself had become a dystopia after a financial crisis created bombed-out boroughs, exacerbated by the middle class fleeing to the suburbs.