London’s summer season of Modern and Contemporary Art sales at Sotheby’s, Christie’s and Phillips took another step backwards last month, mustering a slim £97.8 million ($200.5 million) – down 25 per cent from last June’s £129.5 million, and a mind-boggling 84 per cent down on the £600 million recorded 10 years ago.
The drop was due in part to Christie’s and Phillips abandoning their high-value evening sales to focus on Frieze week in October, so Sotheby’s was left to show the world what London could do. But while they finished streets ahead of the competition, Sotheby’s £75.7 million total was a severe 41.5 per cent down on last year.
