L.A. Museums' Collections Grow Despite Poor Economy

"There's also less competition to buy artworks in studios and at galleries and art fairs," he says. MOCA can focus on less expensive areas of the market, including highly accomplished artists who have been overlooked or forgotten.

"This is the time when you hope institutions will really invest in their future by acquiring things that become available," Schimmel says. "It isn't for the faint of heart, but if you look at the art market in cycles of 10 or 20 years, there are opportunities special to the climate we are in right now."