Lawrence.com

New York — Don't count on New York art dealer Edward De Luca to be aggressively bidding during the major spring auctions, which start next week. He may be using his paddle more wisely.

"I am going to be a little bit more cautious. I will sit and wait to see what happens," said De Luca, director of New York-based DC Moore art gallery, which specializes in 20th and 21st century contemporary art.

"The market has slowed down a bit," he said.

"Before, more people were buying for the sake of buying. Now, they are thinking of the overall budget, their household needs."

It's not exactly doom and gloom in the art auction world, but stock market volatility and the sluggish economy have made art dealers jittery as they head into the all-important Impressionist, modern and contemporary sales, held twice a year.

Two venerable names � Christie's International and Sotheby's Holdings Inc. � have been struggling with a flattening market. Both are making moves to cut costs; privately held Christie's is folding its lower-priced division into its main business.

Casting a cloud on next week's shows was the indictment Wednesday by a federal jury in New York of the former chairmen of Sotheby's and Christie's, on charges they conspired to fix auction commission rates charged to sellers in the United States and elsewhere for six years.

The two auction houses have agreed to pay more than $500 million to settle civil lawsuits brought by customers.

Sotheby's and Christie's, which control 90 percent of the world's live auctions in artwork, jewelry and furniture, are also facing competition from the new kid on the block, Phillips � which has muscled its way into the top tier by guaranteeing sellers high prices or buying pieces outright to be auctioned.