Summer sales paint rosy picture for art auctions

London

THE big contemporary art auctions in London at the end of June and the beginning of July have traditionally been the finale to a hectic few months in the international art market.

But how significant are they now that Christie's is no longer holding summer contemporary sales in the city, and that more multi-million-dollar business is being done at the Art Basel fair in Switzerland in mid-June? Have wealthy collectors' minds already left for the Hamptons or Tuscany?

These questions hovered in the air before Wednesday night's contemporary art auction at Sotheby's.

The results seemed to be a clear validation of the Sotheby's salesroom on New Bond Street as a place to sell high-end contemporary art the week before the Wimbledon tennis tournam…