Art Auctions Watched For Economic Fallout

Two big contemporary art auctions in New York City this week are being closely watched to see how much the financial crisis will affect the high-end art market.

This week, the auction houses Christie's and Sotheby's will attempt to sell works by Jean-Michel Basquiat, Francis Bacon and Andy Warhol, along with Roy Lichtenstein and Mark Rothko.

Renee Montagne talks to Sarah Thornton, author of the new book Seven Days in the Art World, about what's happening, money-wise, in the art world.

"Certainly the men who've made their money in hedge funds seem to have dropped out completely," Thornton tells Montagne.