London Art Auctions Show Market in a Correction

The Wall Street Journal | Anna Russell & Kelly Crow:

The second week of the big art auctions here got off to an ominous start at Phillips on Tuesday, when a seller withdrew a Damien Hirst medicine cabinet with a title that seemed to match collectors’ moods: “In Search of Reality.” That theme summed up the evening sales at Christie’s, Sotheby’s, and Phillips, as the art market cools after the frenzied highs of the past few years. Collectors have become pickier, bypassing less-spectacular pieces in favor of colorful, decorative scenes or iconic works regarded as safe bets… Read more 

Image: Lucien Freud’s ‘Pregnant Girl,’ left, and Adrian Ghenie’s ‘Sunflowers’ were sold at the Contemporary Art Evening Sale at Sotheby’s on Feb. 10, 2016, in London PHOTO: TRISTAN FEWINGS/GETTY IMAGES