The lackluster London sales of Impressionist and Modern art put Colin Gleadell in mind of the auction houses’ increasing emphasis on the higher margin private sales market:

There was also a feeling that Sotheby’s and Christie’s are both now pushing their private sales divisions to such an extent that they are depriving the public auctions of much choice material. It was significant here that Christie’s withdrew its top lot, a Renoir nude bather, estimated at £12 million to £18 million, saying that it had been sold privately before the auction.

Art sales: reward for a prized, precious few (Bloomberg)