Sotheby’s Melbourne sale brings in A$5.77 million against a pre-sale estimate of A$9 to A$12 million with 49% of the lots sold. The Australian says its the economy:

Georgina Pemberton, Sotheby’s head of paintings, described last night’s result as “a reflection of our economic climate and we are now going through a correction in the art market”.

But the sale was significant for the A$1.89 million Russell Drysdale portrait (left) that was the star lot of the sale according to  ABC News. There were also good prices for works in the A$50,000 range. Though the Grace Cossington Smith work that a Dallas couple bought for $25 and was estimated in the $35,000 range failed to find a buyer.