Billionaire businessman and arts patron Eli Broad sat down at Art Basel to discuss the overinflated contemporary art market. Broad thinks that a crash might be coming — one similar to that of the '90s, in which values fell by as much as half. "Some of the new buyers are genuine collectors, and others are buying because it's the socially acceptable thing to do," said Broad. The SunAmerica chairman has put his own money into recent purchases such as an Andy Warhol soup can and a Jeff Wall photograph. In addition, Broad has given a $60 million gift to the Los Angeles County Museum of Art for a new contemporary gallery, and Michigan State University to build a new museum.