On the other hand, in Old Masters, small gems can still be bought for relatively little money by those who have the eyes to see them, and these should not be affected by the turmoil any more than the masterpieces with great names attached to them, because the rarity factor makes them as desirable now as they were then. The same July 9 sale included, for example, an exquisite mountainous landscape that once belonged to Baron Heinrich Thyssen-Bornemisza and was then called a Paul Bril. It has since been demoted to the rank of work by Gillis Peeters. In July, the ''Peeters'' cost a mere 9,200. It is hard to imagine this picture selling for less.
Danger lurks where the rarity factor ceases to be at work.
The first real test of the market at its lower end, which came on Thursday, gives some idea of the price adjustments that may yet be required. The subject was ''Oriental Ceramics and Works of Art'' and the setting, Christie's South Kensington, the outlet of Christie's for lesser wares. There, the Oriental Department sales of objects ranging from Archaic bronzes to Japanese prints, deftly steered by the head of the department, Nader Rasti, have been one of Christie's unsung success stories. No one has been as clever in handling the most modest bronzes, pottery vessels, wood blocks and the rest in an atmosphere refreshingly free of pretension. This week, the outlook was less rosy.