Colin Gleadell offers in the Telegraph this reminder that despite the impressive look of the $104m combined sale of Old Masters in New York last week, the market still hasn’t seen much in the say of price appreciation:

But even in the blaze of victory, it was clear that prices had not been running away. The Zurbarán only doubled the price it made 12 years ago, and other works by van Dyck, Claude Lorrain, and Antonio Joli were fetching the same prices they made between two and four years ago. Old Masters is still a stable market, though finding enough to hold a sale, as Christie’s has discovered, can be problematic.

Art Market: Sotheby’s Shows the Way (Telegraph)