Loic Gouzer, the former Christie’s rainmaker behind the $450 million sale of Leonardo da Vinci’s Salvator Mundi, reached for a sailing metaphor when I asked him about the vicissitudes of the current art market, which he calls a “technical market.” Gouzer recalled racing with his father in Geneva’s famed Bol d’Or, the annual sailing regatta down to one end of Lac Leman—and back. The Bol d’Or is famous for its wide range of sailing conditions, where boats rigged to exploit the faintest whisper of wind will, in the course of the race, have to quickly reconfigure themselves to withstand a howling squall, then revert to light and variable conditions. “Great sailors don’t do well on the lake,” Gouzer explained. “Anyone can do well when the wind is perfect.”