The cautionary tale in the Christie's sale was Robert Ryman's 1966 Signet 20. The painting is a classic by the Minimalist artist, large and in good shape though it had been shopped around before the auction. The owner tried to recover what he'd paid for it then, and we took a chance on it. People now going hammer and tongs after even good works by a particular artist may wish to keep the Ryman in mind before they lift their paddles. And the reason is that everything good that comes on the market goes very, very quickly.
People know it'll be a long and boring wait until the next thing comes along.
But the market is unwilling to be pushed by the sellers' expectations. The market covets freshness, and Richter prices are trying to find a sustainable level. But now auction houses may have gone to the well a couple of times too often. Maybe everyone who needed one has one. Volatile, confounding and, to one unsuccessful bidder, baffling.