LONDON—Given the chaotically gloomy status of the global economy, it seems almost foolhardy to assess relative value in the art market right now. That said, the world’s top auction houses made their bets early this past summer on what contemporary property would fetch in October during Frieze week in London. The acid test begins Friday evening, October 17, at Sotheby’s and continues over the weekend with further sales, including at Phillips and Christie’s.

While there are no safe bets — not even blue-chip works — in this incendiary climate, the one thing we know is that no matter what unfolds, the London sales will set the psychological tone for the much larger New York sales taking place in November.

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Judd Tully is Editor at Large of Art+Auction.