While London’s auctioneers congratulate themselves on the healthy sold rates at their June Contemporary Art sales (92.5% at Sotheby’s, 88% at Christie’s and 75% at Phillips de Pury & Company), bidders are continuing on a path of caution and sobriety.

In terms of revenue, Sotheby’s took first place with a total of £21.85m from 37 lots on the evening of 25 June followed, inevitably, by Christie’s with £16.2m from 35 lots on 30 June and then Phillips de Pury & Company with £6.07m. Together, the three auctioneers posted a combined revenue total of £44.1m vs 176M£ in 2008.

> Read “Contemporary Art in convalescence by Artprice”