Liquidity has returned to the art market, praise be. And even though we don’t fully understand the reasons for the unprecedented three-year slide that only showed signs of a real reversal last November, it now seems clear there is a robust (but still cautious) market for high-value art. More importantly, the money is visible beyond the big-name collections that were sold earlier this week and last, and the billion-dollar one-night totals. The true indicators of a solid market are instead apparent in last night’s more humble $115 million evening sale at Phillips, and the $304 million modern evening sale at Sotheby’s shortly thereafter.