You would think that after the dismal performances of the contemporary art sales at Christie's and Sotheby's earlier this week, sellers might recognize the need to reduce reserve prices if they were to have any hope of selling anything. At Phillips de Pury & Co.'s auction last night, estimates set before the markers unraveled remained in place, despite the fact that the auction house had tried to persuade people that the figures were now too optimistic. Sellers "had a luxury of eight years of the climbing prices,'' said Phillips senior partner Michael McGinnis. "They were not receptive.''

Not even the presence of high-profile collectors like Steve Martin, Valentino, and billionaire Eli Broad (who dropped $8 million on works by Ed Ruscha, Jeff Koons, Robert Rauschenberg, and Donald Judd) could save last night's Sotheby's contemporary art sale from being a big disappointment. Twenty paintings, including a Lichtenstein and a Damien Hirst, were left on the block, and the total tally was $125.1 million, far below the conservative presale estimate of $202.4 million. One genre that's apparently recession proof: John Currin and his trademark boobies. His "Nice 'n' Easy," an oil of two curvaceous naked women, went for a record $5.4 million. [NYT, Bloomberg]