The art world is less a single, monolithic market than a series of microeconomies for, say, the work of individual artists or within historical movements. These dynamics can easily be overlooked in the aggregate data from the global auction houses. Last week, we looked at the top 50 artists of the year by overall auction volume, number of lots, overall hammer ratio, and top price for the four largest auction houses: Bonhams, Christie’s, Phillips, and Sotheby’s. While that list yielded a number of interesting market insights, the most active sector of the market, as I’ve noted before, has been the sales below $1 million. So the data did not reveal as much as we might have hoped.