Figures compiled by Art Sales Index show that sales of fine art at auction fell by 13 percent from the period August 1,2001 to July 31, 2002, in both the number of artworks sold and average prices - ASI - Auction Block

Art Business News, Dec, 2002 by Vanessa Silberman

Figures compiled by Art Sales Index (ASI) show that sales of fine art at auction fell by 13 percent from the period August 1,2001 to July 31,2002, in both the number of artworks sold and average prices. In the exclusive "million-pound picture club," the number sold has dropped sharply, from 213 in 2000-2001 to 186 last year.

The club remains dominated by Impressionist and Modern painters with Old Masters accounting for just 18 of the 186 paintings, underlining the problem of supply on the market.