London's Contemporary Sales Down but Hardly Out

London's sales were dominated by guarantees and a few big lots. Does that mean the market is running out of steam or just treading water while it regains its strength?

The most significant message from the London Contemporary art sales held earlier this month is that the market continues to be heavily managed but tempered. The sales results, which we will delve into later this week for AMMpro subscribers, are down from the previous year. But the question is why. There are several explanations floating around: a new st…