Midway through London’s series of June auctions, collectors seem to be chasing after lesser-known artists more than household names. It’s a strategy reminiscent of the anti-trophy atmosphere that buoyed the middle market for lower-priced art last year, with one significant twist: Collectors aren’t mopping up everything below $20 million anymore, at least in the older category of impressionist and modern art. Last week’s $212 million round of auctions at Christie’s and Sotheby’s fell short of overall expectations—in part because...

Source: Wall Street Journal June 23, 2019 12:56 UTC