Antiquities reveal surprising strength at lower end of market

Certain sales stand out as landmarks by unexpectedly shedding new light on the forces that truly drive the art market. A daylong auction of antiquities at Bonhams this week was one of those enlightening events.

What made it remarkable was the unremarkable character of the goods on offer. This is not meant as a snide comment about Bonhams, the modest but energetic third runner on the international auction arena, far behind Sotheby's and Christie's. Au contraire. Bonhams is working hard to hold its ground in the middle and lower levels of the market by making itself as attractive as possible.

In its revamped New Bond street premises, its displays can be as elegant as those at the big two and strolling in, you are rarely met with that touch of supercilious stiffness occasionally noticeable in the larger auction houses. On Wednesday, James Knight, the auctioneer who conducted most of the sale, brilliantly practiced the delicate art of trying to get good prices for the vendor without giving the impression of pressing bidders artificially, and in the process, probably brought his own contribution to the outcome of the auction.

But, ultimately, it is the buyer's willingness to pay for art that makes or breaks an auction. On a day when bleak forecasts were made afresh about the economic prospects of Britain, the public mood was not exactly rosy and the goods on offer had little about them that was likely to cheer up those possessed with the art collector's urge.

The sculpture, vessels, and jewelry consigned to the morning session made up a mix of Egyptian, Near Eastern, Greek and Roman art at the lowest level. Many pieces were poorly preserved, and few were redeemed by some rare feature.