William James Glackens, Wickford Harbor, RI.

The May American painting auctions at Sotheby’s and Christie’s revealed that market to be about six months behind the contemporary downturn–and results weren’t pretty. Read my take from The Art Newspaper:

Prices for 18th- to mid-20th-century American art plunged in May as Sotheby’s and Christie’s struggled to sell just 60% of their New York auctions, making $32.1m, down from $159.6m a year ago. “There were fewer bidders than we’ve seen in a decade,” said Dara Mitchell, the head of Sotheby’s American painting department. “People were cautious and really waiting to see where this market is going.” …