James Wilentz is a writer, translator and art history teacher living in Italy. He has taught at the Marymount International School in Rome, as well as bilingually at the Liceo Classico E.Q. Visconti through the AUREUS project. He is currently researching his doctoral thesis at the University of Glasgow, which explores the legacy of the painter Palma Giovane within the changing milieu of Venetian painting during the late 16th century.

Despite sluggish auction sales and a general feeling of panic within the art world, last week's Art Basel extravagance seemed to suggest that the market will be just fine. And in the case of the Old Masters, it will be.