Art market euphoria replace by realism
London salerooms produced a record series of Impressionist and Modern art auctions last week, but only just By Colin Gleadell After the buzz of expectation created by the London salerooms, they did produce a record series of Impressionist and Modern art auctions last week, but only just. Mid-way through the fifth and final session, the sales total crept past the previous record of £298 million, set in June 2008, finally ending up at £303 million. There were no celebrations, however, and a palpable air of disappointment pervaded. Strip away the auctioneers’ commissions, and the total was nearer £250 million, below the £300 to £450 million estimate for the series. Things began badly at Bonhams, which sold none of its top…