To receive Morning Links in your inbox every weekday, sign up for our Breakfast with ARTnews newsletter. The Headlines AUCTION ACTION. Sotheby’s in New York sold $303.9 million-worth of modern art yesterday evening, while Phillips netted $115.2 million from their modern and contemporary sale held just beforehand. But as ARTnews’ Daniel Cassady reports, there is still a sense of caution from buyers who are showing demand for exceptional works, but are sensitive to price. At Sotheby’s, that meant solid results, led by a $48.4 million Matisse, but noticeable pauses between bids suggested a cautious market mood. “Competition is very tempered,” one New York advisor said. Earlier at Phillip’s, on the other hand, the auction house’s team “appeared joyous,” writes Julie Brener Davich for ARTnews. The presale estimate of $84.2 million was the highest since 2022, and the sales average lot value of $2.9 million is more than double the $1.4 million average last May. Nevertheless, several works sold below their low estimates. Ultimately, Phillips did best at “selling works by living artists on the secondary market, unattainable on the primary market, said Brener Davich. Cue the frenzied bidding for Joseph Yaeger’s 2021 watercolor, There …