The blue-chip art market continues to shrink. Over the past two weeks, London’s chief auction houses sold $522 million worth of impressionist, modern and contemporary art, down nearly a quarter from a similar round held a year earlier.

Christie’s $260 million total surpassed Sotheby’s $221 million total and boutique Phillips, which sold $41 million. Market watchers are still analyzing what the London series portends for the global art market, but here are five immediate takeaways:

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