Competition among houses for lots to sell is also fierce, and reports of internal problems at Sotheby’s are likely to affect confidence. Last month, Sotheby’s postponed its Hong Kong sale until November after rumors it had failed to secure enough artworks. A star lot, Agent Orange (In the Milky Lake) by Yoshitomo Nara, was placed in Sotheby’s first so-called “sealed” sale – a new format where collectors can discreetly bid on cars, luxury goods and works of art. It is crucial that prices remain confidential, thus avoiding the risk of works being publicly “burned” at auction if the sale does not meet expectations.