The problem for all these dealers is that, as elsewhere, it continues to be far less difficult to sell the very best and the least expensive than the vast amount of material in between. As the London and Milan-based Old Master and contemporary art dealer Edmondo di Robilant explains: “At Art Basel the bigger galleries selling the biggest names seemed to be fine. It is the same for this business. We do very well with expensive pictures, making one or two big deals a month with works over £1m but we are not selling anything in the middle market.” He adds: “The industrialist worth hundreds of millions is diverting £3m into buying a picture but the notary with a surplus of £200,000 has disappeared.”

Dealer Julian Agnew believes the market is becoming even more discerning: “The middle market is tough unless things are very competitively priced.”