Welcome back to Wall Power. I’m Marion Maneker.

Somehow, it feels like there is simultaneously so much and so little happening in the market right now. Of course, most of the art world is still recovering from Basel and the fair, or transiting through before the looming summer holidays. But in many ways, the biggest news in recent days was the departure of Gagosian C.O.O. Andrew Fabricant, after a six-year stint in which he was brought in to introduce some corporate discipline to a company where one man, Larry Gagosian, still reigns supreme. (Andrew’s wife, Laura Paulson, who opened an advisory services division within Gagosian, is also departing.)

Meanwhile, Basel itself is generating fewer headlines. One very astute collector told me Basel was “not a jaw-dropping fair—as opposed to what it usually is.” That observation may point to something quite profound about Art Basel, in particular, and the art market, writ large: We’re in the midst of what may be more than just a cyclical phase; there’s a generational transition taking place. Sometimes these moments of change happen too slowly to perceive. At other times, like now, everything seems to happen all at once.

More on all that, below. But first…

• Chardin’s $28.7 million sliced melon: It was estimated at an absurdly low €8 million even though…