More poor news from the auction market:

October seemed to be the month when the wheels began to come off the global art market in the wake of turmoil in the wider economy. This was particularly evident at auctions in the recently hot categories such as Chinese and Aboriginal art, high-end contemporary works, and in categories that have been supported by a relatively limited core of collectors, such as Islamic art which has been dependent on the purses of Qatar and Abu Dhabi in recent months.