ART MARKET WATCH
by Stewart Waltzer
Sotheby’s and its auctioneer, Tobias Meyer, did a good job in adversity at the first fall auction of Impressionist and modern art, held on the evening of Nov. 3, 2008. Sotheby’s had ample time to warn its clients that their reserves would need to fall into line or their lots would buy in. As a consequence, many lots that sold were well priced, and nearly all sold at prices below the low estimate, including 25 lots out of 70 that did not sell at all. The sale was orderly and plausible.