“There were surprisingly few guarantees in the November sales,” says Nick Maclean of the dealership Eykyn Maclean. “This shows that vendors were confident they would sell.” He says that in the impressionist and modern art field the auction results do not reveal the enormous amount of business transacted out of the public eye, through private dealers or through the auction houses’ private treaty departments. He is confident that there is enough supply in this field as well.
It is worth speculating that these two trends—the retreat to private sales and the growth of the high end of the market—are connected.
A Market Divided (The Art Newspaper)