"It does show a change in the market," said David Nash, head of fine-art sales at Sotheby's.

But David J. Nash, who heads fine-art sales at Sotheby's, disagrees.

"It's very colorful," said David J. Nash, who heads Sotheby's fine-art sales in New York.

David J. Nash, who heads fine-art sales at Sotheby's, said that reviewing reserves goes on before every sale, and that this sale is no exception.

Even Phillips executives were unable to put a positive spin on the auction, the first in two frenetic weeks of fine-art sales.

David J. Nash, who heads fine-art sales at Sotheby's, said yesterday that the joint-venture acquisition was initiated by Mr. Acquavella.

Here are some recent fine-art sales that would have fit in People's supposed price range, or even saved the magazine some money.

According to David Nash, who heads Sotheby's fine-art sales, 26 or 27 bronzes of this sculpture were cast in the 1920's by the Hebrard Foundry outside Paris.

"Wendell left some great paintings," said David Nash, who heads fine-art sales at the auction house.

"This is the best sale we have ever had," said Michael Findlay, Christie's director of fine-art sales.