Art Auction Slump Paints High-End Market Into a Corner

The video discusses the current correction in the auction market, highlighting the reduced participation of Asian bidders and strategic shifts by auction houses. These houses have stopped guaranteeing high-value lots, leading to a shift towards private sales. Auction houses like Christie's, Phillips, and Sotheby's are scaling back expectations, with mixed results. A significant portion of lots remain unsold, raising questions about market health and the handling of second-tier artworks.

Discuss the implications of collectors being less willing to consign high-value works.

What does the term 'contraction' refer to in the context of the auction market?