The New York Times looks at the current health of the market, charting a number of challenges and issues faced by auction houses.  “It’s all about supply,” says adviser Wendy Goldsmith. “If you don’t offer $100 million guarantees, you’re not going to get the best things.” She added that demand had also become highly selective: “Things either stagnate, or they sell like hot cakes. There isn’t any middle ground any more.”

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