FYI: I am finishing my PhD in art history this year at a top-ranked R1, having won multiple prestigious fellowships and awards, and basically done everything I could have possibly done to cultivate a long CV. I have applied for over 20 jobs and postdocs. Out of this, I have received ONE interview and no offers. CAA this year was filled with nervous ABDs and recent PhDs freaking OUT that there are no jobs. With the rise in contingent faculty (adjuncts, Visiting asst. profs, etc), the availability of tenure-track jobs is plummeting; nobody thinks this trend will reverse itself, even when the economy improves. By one account, tenure track job listings were down 40% this year (CAA's own statistic). So basically, I'm not trying to tell you that you are all crazy for wanting PhDs in art history (because I wanted one too), but I am telling you that it will not be the worst thing for you if you do not get in. To back up this assertion, here is a link to the "venting page" of the academic jobs wiki, a resource for academic job seekers to post information related to the academic job search:
http://academicjobs.wikia.com/wiki/The_venting_page
explore the art history heading on the main jobs wiki page and you can see what kinds of jobs were available this year...
best of luck to you all!