Submitted by Sir Joshua, Nov 10, 2006 07:36

Let's face it, the day sales are where real life settles into the art market. The evening sales, dishy though they are, have little to do with where the man on the street does his buying. The fact that half the attendees at the Christie's sale of the Klimt pictures applauded at the high prices and then, after not bidding, got up and left for dinner shows what a spectator sport the evening sales are. Most of the buyers in the seven and eight figure stratosphere are hedge fund buyers, half of whom phone in their bids anyway. Day-time sales are where realitly rests.

Sir Joshua

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