A sale of important Australian art at Sotheby's last night brought disappointing results, suggesting that the market may be going through a correction, reports the Australian.

Just 49 percent of the works on offer sold, and of those, only 62 percent met or exceeded their estimates. The auction brought in a total of $5.77 million (U.S. $4.9 million), well below its presale estimate of $9–12 million.

Among the works that failed to sell was an important Tasmanian landscape by 19th-century artist John Glover. Estimated between $1.8 and $2.2 million, the work was bought in at $1.62 million.

One of the few highlights of the sparsely attended auction was the sale of Russell Drysdale's Rocky McCormack (1962–63) for $1.89 million, a record price for the artist.

Georgina Pemberton, Sotheby's head of paintings, described the auction's outcome as "a reflection of our economic climate."

"We are now going through a correction in the art market," she told the Australian. Speaking with Bloomberg, she was more upbeat, saying, "Some of the collectors are becoming more conservative, but overall the art market is still very strong."

Melbourne competitors Bonhams and Goodman and Deutscher and Hackett also have sales scheduled for this week.