This quote from Christopher Eykyn captures the mood of the auction houses perfectly:

“Right now I’m seeing a market frozen in expectation, waiting to see what the next two weeks will bring,” said private New York dealer Christopher Eykyn. “There is a sense that the market is re-calibrating and the auctions will provide a new yardstick as to what the new level is.”

Kravis, Fuld Brace for N.Y. Auctions as Collectors Lower Prices (Bloomberg)