Colin Gleadell does a little calculation on one of the most important drivers of the Modern market, Picasso. Like Warhol in the Contemporary market, the previous driver of sales seems to have lost luster:

Sales of Picasso were down last week from $106 million — or 25 per cent of last November’s New York auction takings — to $64 million, or 13.4 per cent of the spring sales takings.

Frieze New York: 80ft inflatable balloon dog sells for almost $1m (Telegraph)