Auctioneer Simon de Pury tells the Guardian, "I don't think the market is as jittery as you suggest." He cites rapid-fire bidding at last week's Phillips de Pury auction of 318 works from the estate of Nina Abrams, late wife of publisher Harry N Abrams. The collection fetched $6 million, twice the estimate, and sold-out.

De Pury has a lot riding on his next auction, a themed sale of contemporary art called Bric. The acronym stands for Brazil, Russia, India and China, emerging nations whose newly-minted wealthy are positioned to be the next big art buyers. The April 23-24 auction in London could be a coup or a disaster.