The Art Market: ‘A changed and more discerning market’

To a backdrop of worries about stock markets, jitters over banks and a sharp drop in the Nikkei, this week saw the main postwar and contemporary London auctions get under way. Overall, the results of Phillips’ and Sotheby’s evening sales showed a selective market, robust for the very best works but unforgiving for lesser offerings. And, compared to last year, the tallies have tumbled.