Architecture:

• Several architects who attend regularly and are known to the group, whose presence was noted, but who were not formally introduced.

Art:

• Born in Montreal in 1949, Susan G. Scott studied from 1966 to 1972 at the Pratt Institute in New York, the Boston Museum School, and the Skowhegan School of Painting and Drawing. After leaving New York in 1980, she taught at several of the finest art schools in Canada before settling in Montreal in 1984, where she teaches at Concordia University. A narrative painter, Susan Scott is often inspired by controversial issues, usually working in series loosely based on a story line selected from world literature (the Bible, Kafka, etc.). Susan G. Scott has had numerous successful shows in Canada, the U.S. and Europe and her work can be found in many important public collections.
  
  
  
  
  

  Art Talk:

  A discussion followed on the astronomical prices paid for some well-known works of art. It was suggested that over the centuries many of the great family fortunes have been created by prudent investment in art. Buyers today may be motivated by emotion, snobbery or simply the belief in the soundness of the investment. The art investment market has been driven up by the strong performance of the stock market, as well as the J. Paul Getty Trust.

  The dialogue on art as an investment turned quite naturally to a discussion of the stock market. Some of the guests expressed the view that the bubble is apt to burst at any time, and is driven by "The Greater Fool" theory. This is the hypothesis that investors in the stock market under current conditions are fools who hope to induce a greater fool to will purchase their holdings at a higher price.

  Money Talk:

  The greater consensus however held that the Market is not acting as if it is ready to go down, although some problems exist in the area of new business formation. It was pointed out that the United States has experienced the strongest growth in the last nine years, the lowest inflation in eight years and a booming housing market. Long term interest rates are at an historical low, personal income and consumption are up. The U.S. dollar is strong, inflation at two percent is low, and although there is full employment, the upward pressure on wages is beginning to abate. Canada has a further edge in that we do not have the elevated inventory levels seen in the United States and a much smaller involvement in the United States.

  The market was up considerably during the final quarter of 1997. It is probable that a new bull market started at the beginning of 1998. The market is ahead of itself triggering a new sell-off at the end of the first quarter. In the opinion of those analysts who hold to this theory, that will be the time to buy again in order to take advantage of a new, prolonged stock market surge.

  Friday 13 March 1998 Quebec's share in growth won't be a full one won't share fully in Canada's growthover-all economy should grow at an annual rate of 3.3 per cent between 1996 and 2001, more than one percentage point faster than in did between 1991 and 1996, the good fortune will not be shared by all. Tim O'Neill, the B of M's chief economist

  So the evening went - from art and fantasy to the real though intangible world - unusually enjoyable and satisfying, even for a Nicholson Wednesday Night.