2009 Art Sales May Not Have Been Bad For Auction Houses, But Was It Good For Art?

Antique Week, Vol. 41, Issue No. 2112 (January 11, 2010) has a report in the national section on art sales in 2009.

In the article, two things stood out for me.
First:
Auction houses started slashing pre-sale estimates by as much as 50 percent to stimulate sales. When Sloans & Kenyon of Chevy Chase, Md., gave a [...]

A Word On Buying Antique Paintings At Auctions

I hate putting a value on art. I think you should pay what the artist asks, so long as the depth of your affection for the piece matches the depth of your pockets.
But, because I mostly write about antiques and collectibles, people often ask me about how much they should pay for art at [...]