As hedge funds continue to reel, there's a lot of fear stalking the art and high end real estate markets. Hedge fund money seems to be drying up. There are many reasons, the New York Times notes, for hedge fund execs to scale back right now. The backlash over Steven Schwarzman's big birthday party, the political climate and of course the credit market woes that have sent some funds down the drain. Lloyd Blankfein, CEO of Goldman Sachs, reportedly called off a deal to buy a very pricey Southampton estate, fearing publicity. Most of New York hopes this is only a temporary lull, not the end of conspicuous consumption.  

For more:
- here's the New York Times article

Related articles:
- Hedge fund woes spreading to art market?
- Wall Street CEOs faring very well