On Wednesday in New York, Christie’s auctioned $93.7 million worth of post-war and contemporary art, a total that fell near the high end of its $71.5 million to $104.5 million estimate. The sale also eclipsed Sotheby’s $47 million sale on Tuesday.
That hardly means the art market has healed overnight: A similar sale at Christie’s last spring made $348 million by offering roughly the same number of artworks, indicating how far prices had to fall before collectors ventured back into the marketplace.
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