London’s five-day auctions may be a guide to New York’s November sales: A buyers’ revolt against escalating Damien Hirst and Andy Warhol values was offset by demand for Chinese and lower-priced Western art.

Sotheby’s, Christie’s International and Phillips de Pury & Co. took in 174.8 million pounds ($355 million) with commissions, missing their top target of 184 million pounds before fees while doubling last year’s totals. A 2.5 million-pound Hirst spot painting failed to sell at Sotheby’s. Two Warhols and two Jean- Michel Basquiats went unsold at Christie’s.

While China’s top artists are quadrupling their top estimates, the tide that lifted U.K. artist Hirst’s auction record to 9.7 million pounds may be ebbing. If New York’s sales go the same way, collectors of expensive Western contemporary art might have to mark down the value of their holdings.

Posted: 10|17|07 at 9:21 am. Filed under: UK News.