The New York Sales Were No Bargain

The Wall Street Journal tells us the art market is a blue-light special.

One of the big problems with gauging the ups and downs of the art market is figuring out what we’re measuring. Much was made last week of the fact that the auctions were down from last year. These conclusions rely on headline numbers—sale totals—to measure the market.

A third fewer dollars were spent on works of art at these November sales than in Novem…