Always cheerful, Bloomberg estimates the drop in London Contemporary art prices at 70% below the 2008 high of June 2008. Sotheby’s and Christie’s each have low estimates on their sales that is 40% of the previous year’s total.
“The catalogs are thin,” Richard Nagy, a London-based dealer in 20th-century German art, said. “People don’t have the confidence to sell good things at auction. They’re not going to risk it failing, and aren’t prepared to let things go at the prices the salerooms are putting on them.”