Sotheby’s Australia held a conservative sale last night but even pulling in their horns didn’t help. The Jeffrey Smith work above was the top seller at A$366k and one of the few works to sell within the estimate range:

A catalogue of 48 artworks with a combined pre-auction estimate of $5 million-$6.7m went under the hammer but only 42 per cent found buyers. The sale total of $1.97m included the 22 per cent buyer’s premium.

The auction at Sotheby’s Woollahra office in Sydney’s eastern suburbs attracted fewer than 60 people and most sat on their hands, leaving bidding to just a handful of game souls in the room and on phones.

Poor Sale at Sotheby’s Reflect Market Doldrums (The Australian)