By the art world’s own accounting, the spring auction season in New York fell short of even its lowest target. Reaching for a combined estimate from $US1.2 billion ($1.85 billion) to $US1.6 billion, the three major auction houses fell short at $US1 billion when excluding the hefty buyer fees that inflate their totals.

Christie’s, Sotheby’s and Phillips all underperformed their own estimates, which the companies had previously said were conservative predictions based on a market that has continued to decline over the last three years. Analysts placed the blame largely on an uncertain global economy and the changing tastes of collectors.