Some times the auction world can be a very efficient place. In the last two weeks, the specialists and press have consistently made the point that the Impressionist and Modern sales suffer from a lack of supply despite strong demand.
According to this line of reasoning, collectors are confident that their works will only increase in value. Selling now would be too early unless there was a specific need for the proceeds. Though none seem to feel that selling art to buy other works would be a smart strategy right now.
Here’s Sotheby’s David Norman amid a Reuters video on the weak Impressionist and Modern sales: