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The results from London's Impressionist and Modern sales continue to reinforce the broader theme seen in that market seen in earlier sales this year. Once again, it is important to take note in this highly global market that the sales in New York with their extraordinary volume in the Impressionist and Modern category will necessarily have an effect on these sales in London.

The June sales cycle in London is shifting its composition and emphasis. But even with that caveat, the Impressionist and Modern category posted a greater overall total than the Contemporary market (obviously noting that the absence of an Evening sale in Contemporary art at Christie's is what made the difference.

As noted in our previous reports, one of the crucial differences between the auction houses was the performance of a handful of lots. Had those works sold, the results would only have been further accentuated towards the themes we see here.

The Impressionist and Modern category remains a repository of value but that value is concentrated in fewer and fewer works.