In total, organizers said sales reached USD 130 million during the eighth rendition of Asia Week New York, which involved five auction houses and 45 galleries.
That's only slightly more than a third of last year's record of USD 360 million, which included the sale of the collection of US art dealer and Asia specialist Robert Ellsworth that brought in USD 132 million.
"The week was complicated. That's not a big surprise," said Christophe Hioco, a French gallerist specialized in Asian antiques and an Asia Week New York regular.
"The market has to adjust. People maybe didn't anticipate or understand that the market isn't the same it was a year ago," he said.
Lark Mason, chairman of Asia Week New York, painted a mixed picture.
"The high end of the market showed considerable strength with many quite robust sales," he said. But "there were unquestionable areas of weakness in the mid level and at the lower end of the market."
"The very best quality objects are highly sought after by a very small group of individuals that are willing to spend whatever," he added. "They are not affected by a short cyclical downturn."
"I believe it is that part of the market that was overheated," Mason said.
While fewer in number, Chinese buyers still attended the event, Hioco said.
Notably absent, however, were speculators, particularly at the mid or lower level, according to Mason.
"The appetite for Asian art is still strong despite the economic slowdown," said a spokesperson for auction house Christie's.