In the most savage cut yet seen in the recession-hit art market, London’s contemporary art sales next month have been more than halved.
Sales at Sotheby’s, Christie’s and Phillips de Pury & Co have been reduced from 1,064 lots last February to 437. The value of the sales has fallen by even more, from an estimated £204 million last year, to just £48.3 million, reducing the average lot estimate from £234,000 to £102,000.
Via (telegraph)
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