Cheyenne Westphal, chairman of contemporary art for the Sotheby's auction house's European branch, said the auction Friday had been predicted to produce at least $53 million in sales, but ultimately tallied only $38 million.

Westphal attempted to put the lower-than-projected sales at a Friday London art auction in perspective, The Sunday Times of London reported.

"While our total fell short of its low estimate, the sale was assembled in a very different economic environment from that which prevails today," he said. "It is important to keep perspective."

The Times said another sign of a possible decline in art sales could take place Sunday night at Christie's auction house in London. Up for auction at the anticipated sale are works from noted artists such as Francis Bacon and Andy Warhol.