This time last year I wrote that the art world had passed into what I called a "Super Paradigm" period, by which I meant a phase of continual growth. That's still true. In fact, the art world has never been so flush with money. There are almost 300 galleries in Chelsea, with more than 30 expanding or relocating there this season. A 20-story "gallery condo" is under construction; Matthew Marks is opening a fourth gallery space, Perry Rubinstein a third, Pace a second; Marianne Boesky is building her own building. No one's closing. There are also hundreds of contemporary galleries outside Chelsea. So New York truly is Art City. Or is it?