Art Collectors Get Picky at London Auctions

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It’s a strategy reminiscent of the anti-trophy atmosphere that buoyed the middle market for lower-priced art last year, with one significant twist: Collectors aren’t mopping up everything below $20 million anymore, at least in the older category of impressionist and modern art. Last week’s $212 million round of auctions at Christie’s and Sotheby’s fell short of overall expectations—in part because...

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