Colin Gleadell offers a counter narrative to the auction contraction story by citing dealer Thaddaeus Ropac who echoes other private sellers like Kenny Schachter in claiming there has been a great deal of activity on the private market recently:

“Yes, the auctions were not the same as last year,” he said. “But I had a sense the market was ok. I can’t understand why the press has been discussing a crash in the art market. I’ve had the best January ever in my galleries.”

Art Sales: what goes up must come down? (Telegraph)