ART MARKET - Sotheby's reduces art price guarantees

Last week, Sotheby's raised 22 million pounds ($38 million) while Christie's sold property worth 32 million pounds ($55 million) at their post-war and contemporary art auctions. Both auctioneers remained positive about their sales despite faring lower than presale estimates. The auction houses are currently gearing up for their key sales in New York this November, even as the global economy teeters. Despite some signs of weakness, plenty of high-end art is selling.

Sotheby's reduces art price guarantees (Reuters)