Kenny Schachter declares in The Art Newspaper, “Any diminution in value this season compared with May is more indicative of the material coupled with inflated expectations than the overall market.” In particular, he thinks that any suggestion that the Warhol market is showing signs of weakness is based upon some reckless resales:

Warhol had 56 canvases up for sale in the week, safe to say more than any other artist; if only he could have lived to experience his transformation into fully-fledged currency, he’d have been tickled. To think there was talk of a softening in Warhol’s market, this was only due to the unabashed prostituting of a handful of pieces too publicly and repetitively. The New York Times story made measure of the point. Taking into account 13 unsold lots for a buy-in rate just above 23%, $138m is still impressive. That’s a lot of dollar signs for an artist in a single week of sales. Warhol, though having died with a lifetime record under $400,000, never fully realized his dream of being a market force but he’s that and more: a barometer of art bucks.

The sky is falling on the art market, or is it? (The Art Newspaper)