London’s June Auctions Nosedived 70 Percent

“The total volume of sales at London’s June auctions of Impressionist and contemporary works declined 70 percent on last year as auction houses cut jobs and guarantees to sellers to adjust to the financial slump. Sotheby’s, Christie’s International and Phillips de Pury made 165.9 million pounds ($269.4 million) at the summer sales, down from a record 558.8 million pounds in 2008, according to calculations made by Bloomberg News based on auction house results.”