The Fall Approaches
Heading into fall buyers and sellers will be meeting head one in a series of auctions that will illuminate the strength and direction of the market. A great deal is at stake. As has been the case all year auction houses are handling increasing volume while recently experiencing a marginally lower percentage of completed sales [see charts]. A reasonable conclusion is that reserves are bit higher than buyers are comfortable to reach. The why is less certain. One interpretation is that the market, while orderly, is having trouble absorbing increasing volume. Another is that the economy i...
