The narrative of the week seems to be that we're seeing a "correction" in the art market. See here, for example, and here.
But I've never understood how that concept is supposed to apply to the art market. "Correcting" to what? Why do we assume the newer prices are correct and the older prices were incorrect? Sure, the newer price is lower. But how do we know that it is more "correct" than the old one?
I still think this may be closer to the mark.