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Tag: Mark Rothko

  • The Art Market Enters 2026 With Renewed Confidence and a Sharper K-Shape Divide

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    Four donut charts summarize an ArtTactic January 2026 survey showing market outlooks over the next 12 months: Modern artists (57 percent positive, 38 percent neutral, 5 percent negative), Post-War artists (52 percent positive, 40 percent neutral, 8 percent negative), Contemporary artists (42 percent positive, 43 percent neutral, 15 percent negative), and Young Contemporary artists (28 percent positive, 40 percent neutral, 32 percent negative).
    Experts’ view on the market performance for the different artist segments over the next 12 months. Source: ArtTactic Art Market Expert Survey – January 2026

    As Observer predicted would happen in our own end-of-year reporting, the market’s K-shaped divide will only become more acute: the most robust performance and dynamic deal flow are expected either at the top end—above the $1 million mark—or in the more accessible tiers below $50,000, while the middle market remains sluggish, especially for contemporary artists whose prices outpaced their résumés on the way into the five-figure range.

    While 51 percent of experts surveyed expressed a positive outlook for the over-$1 million segment, confidence has rebounded even more sharply in the lower tiers, with 61 percent of respondents expecting a stronger year, compared with just 44 percent in 2025. Even on the heels of a stellar fall auction season, most experts—57 percent—agree that the secondary and auction markets will recover more quickly than the primary market, where 46 percent anticipate a flat year of post-bubble stability and only 35 percent foresee a comparable revival.

    Across period categories, demand continues to concentrate around a limited number of names. For example, while the $236.4 million record-breaking Klimt sale contributed to the Modern segment’s standout performance—reaching $1.38 billion in 2025, up 19.4 percent year over year—the survey shows that auction sales were largely driven by just three top performers: Pablo Picasso (up 23.8 percent), Mark Rothko (up 122.2 percent) and Alexander Calder (up 108.9 percent). Similarly, on the Postwar and Contemporary side, the strongest gains were recorded by institutionally and market-consolidated artists such as Jean-Michel Basquiat, Gerhard Richter, David Hockney, Ed Ruscha and Yoshitomo Nara, all of whom have been the subject of major museum exhibitions in recent years, reinforcing both buyer interest and market confidence.

    Meanwhile, as the ultracontemporary segment continues to cool, all five of the top-selling Young Contemporary artists at auction—Matthew Wong, Nicolas Party, Avery Singer, Shara Hughes and Jadé Fadojutimi—have experienced year-over-year declines in both lot volume and total sales since 2023. Nicolas Party, once a market phenomenon, saw his total auction sales fall from a peak of $20,170,129 in 2023 to $2,497,160 in 2025. It remains unclear whether his current exhibition of 40 pocket-size paintings at Karma New York is intended to reignite market interest or to strategically introduce more accessible price points for new buyers after prices rose too quickly to sustain demand. Only 10 works were actually offered for sale, priced between $165,000 and $205,000, and all sold. The remaining three quarters of the exhibition consist of works from the artist’s archive—replicas of earlier pieces—intended, perhaps, to maintain visibility and keep his “myth” alive.

    A minimalist gallery installation with soft peach-pink walls, small framed artworks spaced widely across the room, a polished concrete floor and a geometric ceiling light illuminating the space.A minimalist gallery installation with soft peach-pink walls, small framed artworks spaced widely across the room, a polished concrete floor and a geometric ceiling light illuminating the space.
    Installation view: Nicolas Party’s “Dead Fish” at Karma Chelsea. Courtesy Karma

    More broadly, compared with the near-impossible waiting lists of the recent past, many of these artists are now considerably more accessible on the primary market, provided buyers are willing to meet revised price expectations. This shift may help explain the increase in unsold, withdrawn or canceled lots at recent auctions, unless estimates were already adjusted to create a sense of “deal.” A vivid 2022 abstraction by record-setting artist Jadé Fadojutimi, for example, failed to sell at Phillips last November, likely due to an overly ambitious $800,000-1,200,000 estimate. At Frieze Seoul in September, Taka Ishii presented an entire booth of her works priced between a more accessible $475,000 and $610,000, all available for sale on preview day.

    Holding periods and annual rates of return

    Looking at 81 repeat sales in the contemporary segment, the average annual rate of return (CAGR) fell to +2.3 percent (not inflation-adjusted), down from +5.1 percent the previous year. Short-term resales were particularly weak: nine works resold within five years posted an average annual loss of -9.2 percent. While it’s best to avoid framing art purely in financial terms, analysis confirms that, in today’s post-wet-paint-bubble market, historically validated works held for extended periods by the same owner deliver the strongest resale outcomes.

    In the Impressionist category, for example, at least 67 percent of resold lots generated positive returns, up slightly from 65 percent in 2024, with an average annual return of +5.4 percent (not inflation-adjusted), compared with +4.3 percent the previous year. The average holding period increased to 27.3 years from 22.9 years in 2024, while the top 10 performing lots achieved an average CAGR of +18.2 percent over an average holding period of 14.6 years. The strongest individual result of 2025 was Tamara de Lempicka’s Femme Assise (1925), which sold for $522,357 (including buyer’s premium) at Christie’s Hong Kong in September 2025 after being acquired in 2015 for $31,283—an annualized return of +30.3 percent over a ten-year holding period.

    Returns are even more polarized in the Postwar category when holding periods are factored in. According to ArtTactic, among 10 works resold within five years, the average annual loss was -7.6 percent. In contrast, works held for more than two decades delivered significantly stronger results, with average annual returns of +9.6 percent, rising to an average CAGR of +19.1 percent over a 15.3-year holding period.

    Graph showing Holding Period vs Annual Rate of Return of Repeat Sales Sotheby’s, Christie’s & Phillips Marquee Sales - 2025Graph showing Holding Period vs Annual Rate of Return of Repeat Sales Sotheby’s, Christie’s & Phillips Marquee Sales - 2025
    In today’s post-wet-paint-bubble market, historically validated works held for extended periods by the same owner deliver the strongest resale outcomes. Source: ArtTactic Art Market Expert Survey – January 2026

    In the contemporary segment, the holding period proves decisive, as time allows living artists to achieve more meaningful institutional validation—helping justify price levels and fueling both demand and confidence. Longer-held works, particularly those owned for more than 20 years, continued to perform more positively, delivering average annual returns of +8.9 percent. The strongest result was Lynette Yiadom-Boakye’s Womanology (2010), which sold for $573,181 (including buyer’s premium) at Phillips London in March 2025 after having sold for $90,600 at Christie’s London in 2014, yielding an annualized return of +19.4 percent over a 10.4-year holding period.

    Political uncertainty and market expectations

    One of the most revealing elements of the report is the extent to which art market experts’ sentiment aligns with rapidly shifting global geographic and economic conditions—particularly given how eventful the year’s opening has been. Despite growing political division and rising tension at both national and international levels, the Federal Reserve Bank’s Blue Chip survey of professional forecasters still projects about 1.9-2.0 percent real GDP growth for 2026, with inflation hovering around 2.9 percent and unemployment slightly higher than in 2025. At the 2026 World Economic Forum, U.S. officials suggested even stronger early-year momentum, with Commerce Secretary Howard Lutnick forecasting first-quarter GDP growth above 5 percent. Reinforcing this relative resilience, all 33 U.S. banks with assets over $50 billion posted positive total returns last year.

    Yet political uncertainty is clearly filtering into market expectations. While art expert sentiment toward the U.S. art market as the primary global center remains broadly positive heading into 2026, more optimistic growth expectations declined from 52 percent in 2025 to 48 percent in 2026. The current political and economic environment has also shaped experts’ perceptions of London and, more broadly, the U.K., which was once the undisputed second global center of the art market. Nearly half of respondents—49 percent—expect the British art market to remain at current levels, reflecting cautious confidence but also an acknowledgment that punitive tax policies targeting high-net-worth individuals—compounded by the longer-term disruptions of Brexit—have increasingly pushed wealth toward other global centers rather than attracting it.

    U.S. Outlooks: where experts see the Modern and Contemporary art market heading in 2026?U.S. Outlooks: where experts see the Modern and Contemporary art market heading in 2026?
    Despite growing political division and rising tension at both national and international levels, the U.S. Federal Reserve Bank’s Blue Chip survey of professional forecasters still projects about 1.9-2.0 percent real GDP growth for 2026. Source: ArtTactic Art Market Expert Survey – January 2026

    Despite Europe entering 2026 in a phase of growing fragility—marked by heightened geopolitical tension, economic deceleration and a visible erosion of political leverage on the global stage—expert sentiment toward the continent has nonetheless improved. Positive expectations for Europe’s role in the art market rose from 17 percent to 28 percent, primarily driven by Paris’s renewed positioning as the most dynamic global art hub. Still, with the overall economic growth outlook for 2026 remaining sluggish at around 1.3 percent with slower wealth expansion than in other regions, most experts anticipate a stabilized, largely flat market characterized by incremental improvements rather than a full revival or renewed growth cycle.

    Experts increasingly agree that power dynamics—and particularly the financial force shaping the future of the art market—are shifting toward new geographies. Unsurprisingly, with the arrival of Art Basel and Frieze and the success of Sotheby’s early Saudi sales, the Middle East—and the Gulf in particular—stands out as the most bullish region heading into 2026, with 76 percent of experts expecting positive market performance and minimal downside risk. This confidence is driven not only by the growing concentration of wealth but also by robust public investment in cultural infrastructure, an expanding institutional presence and sustained government-backed initiatives, with tourism authorities partnering directly not only with global museum brands but also, increasingly, with fairs and auction houses. Although the Middle East still accounts for a relatively small share of global turnover and activity remains concentrated in a limited number of centers, with regional economic growth projected at around 3.9 percent in 2026, its fairs and institutions are emerging as new magnets for international market activity at a moment when other regions face slower growth and mounting political headwinds.

    South Asia and Southeast Asia are the other regions experts expect to sustain growth, driven by rising domestic wealth, increasing international recognition of regional artists and expanding institutional engagement that continue to bolster market confidence. This momentum is further reinforced by a younger, increasingly affluent population drawn to art, design and luxury collecting, with growing spending power. According to Christie’s year-end results, younger and new buyers from the region accounted for 37 percent of global luxury auction spending. Reflecting this shift, 53 percent of respondents now believe the art market in South Asia will continue its ascent, up from 32 percent last year. In comparison, positive expectations for Southeast Asia have climbed to 48 percent, up from 35 percent in 2025. India, in particular, remains the region’s anchor market, supported by strong domestic demand, projected economic growth of around 6.4 percent in 2026 and a rapidly expanding base of high-net-worth and ultra-high-net-worth individuals.

    The primary gateway to the region remains Hong Kong, where all major auction houses have doubled down over the past year, investing heavily in expansive, experience-driven luxury headquarters. While auction results in 2025 were uneven and buyer behavior at Art Basel Hong Kong was notably more conservative, expert sentiment toward the city has improved sharply. Positive expectations for Hong Kong as the region’s leading art-market hub rose from 19 percent to 48 percent, while negative views fell dramatically from 52 percent in 2025 to just 14 percent heading into 2026.

    Graphs showing China and Hong Kong Outlooks: where experts see the Modern and Contemporary art market heading in 2026?Graphs showing China and Hong Kong Outlooks: where experts see the Modern and Contemporary art market heading in 2026?
    China’s improving art-market outlook appears increasingly driven by ultra-high-net-worth individuals and internationally mobile capital, particularly as it continues to funnel through Hong Kong’s established financial and cultural infrastructure. Source: ArtTactic Art Market Expert Survey – January 2026

    This rebound in confidence has unfolded alongside renewed optimism around mainland China. Despite escalating geopolitical tensions and U.S. tariffs, China posted approximately 5.0 percent economic growth in 2025, meeting the government’s official target and marking a modest rebound amid persistent domestic weakness and external pressures. While domestic consumption remained subdued—with retail sales growing only about 3.7 percent—and private museums continued to close throughout 2025, the improving art-market outlook appears increasingly driven by ultra-high-net-worth individuals and internationally mobile capital, particularly as it continues to funnel through Hong Kong’s established financial and cultural infrastructure.

    Looking more broadly across Asia, experts also anticipate renewed energy in the South Korean market following a slow year and sluggish sales at Frieze Seoul, as the initial contemporary boom gave way to more conservative behavior—even among younger buyers. Thirty-four percent of experts expect a positive turn (up from 16 percent in 2025), supported by a broader wealth outlook pointing to moderate economic recovery, with growth projected at around 1.9-2.0 percent in 2026, driven by semiconductors, A.I.-related investment and a rebound in domestic consumption. This recovery is expected to be measured rather than explosive, as the market stabilizes after a speculative phase and becomes increasingly supported by institutional engagement and a more selective, quality-driven collector base.

    Stability is also expected to continue to characterize Japan’s steadily evolving art market, in line with its broader economy and political landscape. Neutral sentiment among experts rose to 65 percent (up from 35 percent), reflecting a market historically anchored in mature institutions and seasoned players—largely resistant to speculative excess after having already absorbed its consequences during the 1980s boom.

    Looking to the other side of the Americas, despite slowing regional growth and heightened geopolitical tension heading into 2026, confidence in the Latin American art market is strengthening, with positive expectations rising to 41 percent on the back of record-setting Modern sales and increased international visibility.

    Experts’ outlook for Africa’s art market also remains stable rather than expansionary, with modestly improving sentiment and declining downside risk supported by selective institutional interest and growing international visibility—even as strong economic growth from a low base continues to be tempered by structural infrastructure constraints.

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    Elisa Carollo

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  • Creating a Legacy with Love: Phong Bui’s Tribute to Meyer Schapiro

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    Phong Bui with Meyer and Lillian Schapiro. c. 1994. Photo by Eyal Danieli

    Connection was and is of vital importance to both art historian Meyer Schapiro (1904-1996) and Phong Bui (born 1964), a writer, curator and critic, and their influence in the art world is far-reaching. They have integrated art with history, politics, psychology, sociology and social criticism. The two first met in 1986 and quickly became close friends, along with Schapiro’s wife, Lillian. Schapiro, until his death 10 years later, was also Bui’s mentor, including him in his circle of friends and colleagues (a convergence that gave birth to the Brooklyn Rail in 2000). To celebrate that relationship and as a testament to Schapiro, Bui has curated an exhibition featuring works by a number of well-known artists with whom Schapiro had a close bond throughout his life.

    “Singing in Unison, Part 13,” now on in the Brattleboro Museum’s two main galleries, showcases brilliantly the scope of the pair’s expansive minds. On one of the large walls of the museum is Bui’s “Shrine to Meyer,” which is usually mounted on Bui’s bedroom wall in Brooklyn. A large full-length mirror is surrounded by works that Schapiro collected over the years and gave to Bui, as well as Schapiro’s own art. Bui said Meyer made art so he could understand art and the speed of execution, building a sensitivity to the making of art. The Meyer Shrine acknowledges Meyer’s enduring intellectual curiosity and clearly demonstrates Bui’s love for his mentor and friend.

    Beyond that, the show is a veritable Who’s Who of American art, with paintings by Philip Guston, Arshile Gorky, Grace Hartigan, Roberto Matta, Mercedes Matter, Pat Passlof, Robert Motherwell, Mark Rothko, Janice Biala, Stuart Davis, Hans Hofmann, Larry Rivers, Robert De Niro Sr., Wolf Kahn, Emily Mason and others. They may not be well-known works from the artists’ oeuvres due to insurance costs, but each piece is a testament to Schapiro’s reach in the New York art world. The gathering of these works is also a testament to Phong Bui’s commitment to reaching across time and bringing together a community of craftsmen. Each artist was devoted to their craft, pushing themselves throughout a lifetime of discipline. The show sparkles with excitement.

    A large graphite drawing on paper depicts loosely sketched, overlapping human-like figures and abstract shapes arranged across a faint grid, with light shading and scattered marks suggesting movement and spatial relationships.A large graphite drawing on paper depicts loosely sketched, overlapping human-like figures and abstract shapes arranged across a faint grid, with light shading and scattered marks suggesting movement and spatial relationships.
    Arshile Gorky, Study for the Betrothal, 1940. Graphite and wax crayon on paper, 24 ⅜ x 19 ⅛ inches. Courtesy Jack Shear Collection

    Meyer Schapiro was born in Lithuania in 1904 and moved with his family to the United States when he was three years old. Bui was born in Vietnam in 1964 and came to the United States at the age of 16. The exhibition features artists who also emigrated, including Gorky, Guston, Rothko, Hofmann, Samaras, Hélion, Kahn, Vicente, Müller and Seligmann—all in pursuit of greater freedom. Emigration is not easy: assimilating into a foreign culture, learning a new language, making friends and understanding how people think. Artists find one another, just as Bui found Schapiro, and communities are formed, something crucial for foreigners. New York City was a haven for the artists whose works you’ll see here.

    What is striking about both Schapiro and Bui is their profound knowledge of history, politics, poetry, literature, psychology and art. Bui continues to this day to be a proud connector of communities, bringing together people from all walks of life. His enduring commitment to the Brooklyn Rail—not only as co-founder but also as artistic director for 25 years—is a testament to his wide-ranging drive to cross-pollinate the arts with history. “How do we keep it alive?” he asks, seeking to unify a divided world. He learned so much from Schapiro, and his passing “left an impossible void. Every day, images derived from his stories would appear and haunt me. What I realized, later, was that the only way I could pay homage to him while relieving my nostalgia for his past was to create my own. When I thought of the more exciting periods of American intellectual life, especially in the 1930s and ’40s as being coincident with the rise of bohemia, the very idea of bringing artists and writers together in their struggle with and for the world became identical to my own longing for an extended family, one that would include individuals who shared the same aspiration.”

    A dark, welded metal sculpture composed of flat plates, circular discs and angular blocks lies horizontally against a white background, its forms arranged like an abstracted mechanical or architectural structure.A dark, welded metal sculpture composed of flat plates, circular discs and angular blocks lies horizontally against a white background, its forms arranged like an abstracted mechanical or architectural structure.
    Dorothy Dehner, Siena #1, 1962. Bronze, 8.5 x 24 x 15 inches. © Dorothy Dehner Foundation for the Visual Arts. Courtesy Berry Campbell, New York

    In 2022, Bui curated the first “Singing in Unison” in that spirit, showcasing seasoned artists as well as new ones, and then tailoring each subsequent exhibition to its environment. He gathers together musicians, dancers, performers, innovators and artists to celebrate community, optimism and love. An important and necessary dictum for Bui is, “Artists need to create on the same scale that society has the capacity to destroy.” A fitting dictate for an exhibition that features the works of so many immigrants forging their way through history.

    Singing in Unison, Part 13: Homage to Meyer Schapiro” through February 15, 2026, at the Brattleboro Museum & Art Center, Brattleboro, Vermont.

    A brightly colored abstract painting fills the frame with broad vertical and horizontal fields of red, orange, yellow, green and pink paint, some areas dripping downward over the canvas surface.A brightly colored abstract painting fills the frame with broad vertical and horizontal fields of red, orange, yellow, green and pink paint, some areas dripping downward over the canvas surface.
    Emily Mason, Stillness is Volcanic, 1966. Oil on canvas, 54 x 43 inches. © Emily Mason and Alice Trumbull Mason Foundation, Inc. (ARS). Courtesy of Miles McEnery Gallery, New York, NY

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    Creating a Legacy with Love: Phong Bui’s Tribute to Meyer Schapiro

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    Dian Parker

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  • Christie’s and Sotheby’s Close 2025 With a Market Rebound Fueled by Luxury and New Buyers

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    Dynamo Phyllis Kao led Sotheby’s The Now and Contemporary Evening Auction, which scored a $178.5 million result with strong participation from Asia. Julian Cassady Photography / Ali

    After a challenging 2024—marked by a 25 percent contraction in the auction market—both Christie’s and Sotheby’s are closing 2025 with a clear rebound, according to newly released year-end results. Sotheby’s reported projected consolidated sales of $7 billion for 2025, a 17 percent increase over 2024. Christie’s, on a similar upward trajectory, expects to finish the year with $6.2 billion in global sales, up nearly 7 percent from last year’s $5.8 billion and broadly in line with its 2023 total. Following a slow start dampened by subdued May auctions, both houses regained momentum after the summer as the market strengthened, culminating in a multibillion-dollar fall season across London and New York.

    While the blockbuster results of November’s marquee sales may not be sufficient on their own to signal a full recovery—concentrated as they are at the very top of the market—the broader picture reflected in these year-end numbers offers more substantial grounds for optimism. This year’s gains were driven not only by fine-art trophies but also by the continued rise of luxury collectibles and design—categories that are proving especially effective at attracting new buyers, often younger and from emerging markets, and ultimately broadening the base of the market overall.

    Sotheby’s record year, led by trophies and luxury

    Sotheby’s recorded a 26 percent year-over-year increase in auction sales to $5.7 billion, with a sharp acceleration in the second half of the year, which brought in 59 percent more than the same period in 2024. Private sales contributed an additional $1.2 billion, slightly below the prior year but still substantial.

    Fine art sales generated $4.3 billion in revenue for the auction house in 2025, marking a 15 percent increase from the previous year’s downturn. The rebound was fueled by the exceptional quality of consignments secured for the fall season, including record-breaking masterpieces such as the $236.4 million Gustav Klimt—the most expensive work ever sold by Sotheby’s—and the $54.7 million Frida Kahlo, which set a new record for a work by a female artist.

    November’s inaugural sales at the Breuer delivered the year’s biggest revenue surge, with six white-glove auctions totaling $1.173 billion in just a few days. Single-owner collections played a decisive role, including the $527.5 million Lauder collection in New York and the $137 million Karpidas collection earlier in London—high-profile consignments that helped lift market sentiment at a critical moment. “Our strong performance in the second half of the year demonstrates clear momentum in our markets, driven by more high-quality, major collections meeting Sotheby’s record levels of buyer demand,” confirmed Sotheby’s CEO Charles F. Stewart.

    At the same time, Sotheby’s “Another World” strategy—transforming its major regional headquarters from Hong Kong to Paris and now the iconic Breuer building into cross-category boutique destinations—is beginning to deliver tangible results. The luxury sector is becoming increasingly central to the business, generating $2.7 billion in revenue, up 22 percent year-over-year and surpassing $2 billion for the fourth straight year.

    Luxury is also emerging as a primary driver of market expansion, capable of attracting younger collectors while opening doors to new and rising markets. This was underscored by Sotheby’s successful $133 million Collectors’ Week in Abu Dhabi, whose cross-category luxury offerings drew collectors from 35 countries. Of those bidding, 28 percent were new to Sotheby’s and nearly one-third were under the age of 40.

    The $10.1 million sale of Jane Birkin’s original Hermès Birkin in Paris this summer focused attention on both the rising value and estate-planning complexities of luxury collectibles. Sotheby’s also reported a record year for watches, with a $42.8 million white-glove December auction in New York immediately following Collectors’ Week. That sale was led by the record-breaking complete four-piece set of the Patek Philippe Star Caliber 2000, which sold for $11.9 million.

    Jewelry maintained strong momentum in Abu Dhabi and globally, with sales up approximately 18 percent. Meanwhile, RM Sotheby’s automotive division exceeded $1 billion in revenue for the first time, propelled by multiple records—including a 1994 McLaren F1 (chassis 014), the most expensive McLaren ever sold at public auction, and the highest-priced new Ferrari ever to hit the auction block during Abu Dhabi Collectors’ Week.

    Sports collectibles continue to attract bidders, but the standout among today’s collectibles may be dinosaurs, as demonstrated by the juvenile Ceratosaurus that soared to $30.5 million at Sotheby’s—more than seven times its low estimate.

    The Design category also continues to gain traction and importance, with 65 percent growth over last year. It closed with a $50.2 million auction earlier this month—the highest total ever for the category—led by Lalanne’s Hippopotame Bar, which reached a record-setting $31.4 million.

    Taken together, these categories are central not only to sustaining the market but to reshaping Sotheby’s identity—from a traditional auction house catering primarily to connoisseurs into a broader luxury-experience destination capable of attracting bidders across multiple price tiers. This represents a key strategy in today’s market. By expanding participation and transaction volume, Sotheby’s can continue to drive revenue growth even as the ability to consistently secure multimillion-dollar fine-art masterpieces—this season included—remains neither guaranteed nor sufficient on its own to support headline results year after year.

    A Christie’s auctioneer gestures from the podium as Mark Rothko’s No. 31 (Yellow Stripe) and its multimillion-dollar currency conversions are displayed on large screens before a packed salesroom.A Christie’s auctioneer gestures from the podium as Mark Rothko’s No. 31 (Yellow Stripe) and its multimillion-dollar currency conversions are displayed on large screens before a packed salesroom.
    Adrien Meyer sells the top lot of The Collection of Robert F. and Patricia G Ross Weis, Mark Rothko’s No. 31 (Yellow Stripe) for $62,160,000. Christie’s

    At Christie’s, the right pricing strategy met sustained bidding

    Christie’s also reported what CEO Bonnie Brennan described as a “healthy and successful year,” with total auction revenue rising 8 percent to $4.7 billion. Combined with $1.5 billion in private sales—representing approximately 24 percent of the total—this brought the auction house’s global sales for 2025 to $6.2 billion, a 7 percent increase from the previous year.

    One of the clearest indicators of how sustained bidding aligns with pricing strategy on the auction-house side is sell-through and sold-by-lot performance—an obsession of Christie’s global director Alex Rotter, as he recently revealed in an interview with ARTnews. Christie’s reported a sell-through rate of 88 percent and a hammer-to-low estimate index of 113 percent, both notably higher than in 2024.

    The Americas remained Christie’s leading market, accounting for 41 percent of total sales with $2.584 billion in value after a 15 percent year-on-year increase. That growth was largely driven by standout consignments in New York, including the $272 million Leonard & Louise Riggio collection in May and the $223 million collection of Robert F. and Patricia G. Ross Weis. The latter was topped by Mark Rothko’s No. 31 (Yellow Stripe), which sold for $62.1 million and helped push November’s marquee sales to a record $964.5 million—the highest in three years.

    The MEA region (Europe, Middle East, Africa) also expanded its share of Christie’s global total, rising from 32 percent in 2024 to 36 percent in 2025, with $1.435 billion in sales. Asia-Pacific, by contrast, declined for the second consecutive year, generating $686 million—5 percent less than the year before—and now accounts for 23 percent of Christie’s global business. Sales for Asian Art and World Art were also down 6 percent this year.

    The 20th and 21st century category remains Christie’s core revenue driver, generating $2.859 billion in 2025, a 6 percent increase from the previous year. However, the Classics and Old Masters segments posted even stronger growth, generating $285 million and $182 million, with increases of 15 percent and 24 percent, respectively. Leading the Old Master category was Canaletto’s Venice, the Return of the Bucintoro on Ascension Day, which sold in July in London for a record-setting £31.9 million ($43.9 million).

    Meanwhile, the importance of the Luxury and Automotive markets continues to rise. Luxury sales reached $795 million, up 17 percent from 2024, while automotive sales through Gooding Christie’s totaled $234 million—an increase of 14 percent and the highest-grossing year in the company’s history.

    Crucially, luxury is proving to be Christie’s most effective tool for attracting new and younger buyers. It accounted for 38 percent of new bidders in 2025, outperforming even the 20th and 21st century category, which contributed 33 percent. Asia-Pacific buyers in particular were highly engaged, with regional president Rahul Kadakia noting that they contributed 37 percent of global Luxury auction spend. This underscores the strong potential of Eastern markets—especially Southeast Asia—when engaged through categories aligned with their growing and increasingly affluent populations.

    Christie’s also saw increased engagement from the Indian diaspora and broader participation across the Asia-Pacific region, which remains one of the strongest growth opportunities alongside rising spending power in the Middle East, particularly in the Kingdom of Saudi Arabia and the United Arab Emirates.

    For Christie’s—as for all the major auction houses—sustaining revenue growth hinges on expanding the market: both by tapping rising geographies and by attracting new generations of collectors capable of growing with the brand.

    The demographic shifts are promising. In 2025, 46 percent of new bidders and buyers were millennials or younger, up roughly 5 percent from the previous year. The female client base also grew by about 10 percent. These trends align with wealth management forecasts and the 2025 Art Basel & UBS Survey of Global Collecting, which found that high-net-worth women outspent their male peers by an average of 46 percent on art and antiques in 2024. Women were also more likely than men to collect digital works, pieces by unknown artists, and emerging talent—pointing to both rising influence and evolving preferences that are reshaping the market.

    All of this is unfolding in the context of the so-called “Great Wealth Transfer,” as economists forecast trillions of dollars passing from older generations to younger ones, boosting disposable income and discretionary spending among buyers already demonstrating a strong interest in collecting. Women are projected to inherit a substantial share of this wealth—some estimates suggest up to 70 percent—and by 2030, they are expected to control trillions in investable assets, a dramatic rise compared to previous decades.

    Equally critical to attracting new buyers is the diversification of offerings across price points and categories, paired with technology designed to reach a generation that lives and buys online. In 2025, 63 percent of Christie’s new buyers made their first purchase online, where the average price (excluding wine) rose 14 percent year-on-year to $22,700.

    Christie’s plans to continue investing in tech through 2026, including its collaboration with Dubbl on the Christie’s Select app for Apple Vision Pro, which offers immersive, spatial auction previews, and the ongoing Art+Tech Summits.

    But attracting new buyers is only half the equation. Retention and long-term engagement—especially with younger collectors—are equally important. New buyers acquired in 2024 returned in 2025 and increased their total spend by 54 percent, with 22 percent purchasing in a different category from their original acquisition. These figures point to encouraging momentum not just for Christie’s but for the broader art and collectibles market, suggesting that even amid recalibration, a more diverse audience is emerging—one ready to support the market’s next chapter, even as tastes and trends continue, as always, to evolve.

    Christie’s and Sotheby’s Close 2025 With a Market Rebound Fueled by Luxury and New Buyers

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    Elisa Carollo

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  • The Top Collections (and Their Top Lots) Headlining the $1.6 Billion November Sales

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    The collection of Robert F. Weis and Patricia G. Ross Weis has an estimate in excess of $180 million. Christie’s

    The November marquee sales in New York are among the most anticipated events on the global art calendar and the final litmus test of the market’s health after the London and Paris fairs and auctions. Leading the $1.6 billion New York auction week this November is a concentration of high-end, big-name collections, as single-owner sales have become an increasingly important tool for auction houses to secure major consignments and build momentum around a notable name and provenance. “A well-known individual definitely drives interest,” Elizabeth Siegel, vice president and head of private and iconic collections at Christie’s, told Observer.

    Over the past decade these types of sales have accounted for 15.6 percent of total value, according to ArtTactic, reaching a peak of 31.3 percent in 2022 with the Paul G. Allen Collection. In the first 10 months of 2025 they continued to outperform with white gloves and records, reaching 18.5 percent of global auction value. In the final week of November in New York alone, single-owner sales are estimated at $706.8 million of total auction value. “A single-owner sale totally elevates prices. It gives them a real boost,” Lisa Dennison, chairman of Sotheby’s Americas, confirmed.

    As New York’s fall auctions approach, here is a breakdown of the most anticipated collections set to appear as single-owner sales or within the marquee offerings, along with the top lots that have made headlines in the months leading up to this pivotal week for the art market.

    The Leonard A. Lauder Collection at Sotheby’s

    Klimt’s dazzling full-length portrait of Elisabeth Lederer, her figure shimmering against a dreamscape of Asian-inspired motifs and ornamental splendor.Klimt’s dazzling full-length portrait of Elisabeth Lederer, her figure shimmering against a dreamscape of Asian-inspired motifs and ornamental splendor.
    Gustav Klimt, Porträt der Elisabeth Lederer (Portrait of Elisabeth Lederer), 1914-16. Estimate in excess of $150 million. Courtesy of Sotheby’s

    The $400 million Leonard A. Lauder: Collector sale on November 18 is one of the most anticipated auctions of the season, with Sotheby’s presenting a 24-lot evening sale at its new Breuer Building headquarters. Following Lauder’s passing last June, both Christie’s and Sotheby’s reportedly competed to secure what is considered one of the year’s most important consignments. Sotheby’s ultimately won the mandate, securing 55 masterworks from one of America’s great collectors and philanthropists, longtime Whitney patron Leonard A. Lauder, which will be split between the dedicated evening sale and a day session the following morning.

    The undisputed star of the sale is Gustav Klimt’s Porträt der Elisabeth Lederer, estimated in excess of $150 million and poised to surpass the artist’s current auction record of $108.8 million (£85.3 million), also set at Sotheby’s with Dame mit Fächer (Lady with Fan) in London in 2023. Executed between 1914 and 1916, the portrait is among Klimt’s most refined full-length depictions, portraying the young Elisabeth Lederer, daughter of two of his greatest patrons. It epitomizes Vienna’s Golden Age, a moment when youth, beauty, color and ornamental splendor merged into a vision of pure elegance, while also revealing the influence of fin-de-siècle exoticism. The composition’s flattened perspective and sinuous lines echo Japonaiserie and Chinoiserie, visible in the Asian-inspired motifs floating around Lederer’s Poiret-style gown, a nod to Klimt’s fascination with Chinese and Japanese art and textiles. Confiscated by the Zentralstelle für Denkmalschutz in 1939 and restituted to the Lederer heirs in 1946, the painting was later acquired from the family by Serge Sabarsky, an early advocate of German and Austrian modernism in the United States, before entering Lauder’s collection in the mid-1980s.

    Other exceptional Klimts in the sale are Blumenwiese (Blooming Meadow) (1908), an exquisite example of the artist’s floral-period landscapes with an estimate in excess of $80 million, and Waldhag bei Unterach am Attersee (Forest Slope in Unterach on the Attersee) (1916), a depiction of an undisturbed lakeside idyll that reveals Klimt’s growing affinity with Van Gogh’s expressive brushwork, estimated in excess of $70 million. The number and high-quality works by artists from the Vienna Secession in the collection can be attributed to Leonard A. Lauder’s connection with his brother Ronald S. Lauder, one of the most notable collectors of the movement and co-founder and president of the Neue Galerie in New York. Both were sons of Estée and Joseph Lauder, founders of The Estée Lauder Companies.

    Additional highlights include an emotionally charged, psychologically complex Edvard Munch, Sankthansnatt (Johannisnacht) (Midsummer Night) (1901-03), estimated at $20 million, six bronzes by Henri Matisse expected to realize a combined $30 million and an immaculate graphite grid by Agnes Martin, The Garden, exemplifying her mastery of geometric precision and meditative restraint.


    The Collection of Robert F. and Patricia G. Ross Weis at Christie’s

    Bright abstract yellow orange and red paintingBright abstract yellow orange and red painting
    Rothko’s No. 31 (Yellow Stripe), 1958. Estimate on request, in the region of $50 million.

    Over more than 50 years, Patricia G. Ross Weis and Robert F. Weis assembled a collection that reflected not only the evolution of 20th-century art between Paris and New York but also the life journey they shared. The 18-lot single-owner Collection of Robert F. and Patricia G. Ross Weis sale on November 17 is expected to generate between $92.35 million and $136.7 million, accounting for more than half of the collection’s total estimated value of $180 million, which includes another 80 works that will be distributed across additional auctions and categories.

    The top lot is a vibrant yellow-and-orange Mark Rothko painted in 1958, the same year the artist completed his monumental murals for the Four Seasons restaurant in Manhattan’s Seagram Building. Acquired by the couple from PaceWildenstein in 1995, the work boasts an extensive exhibition history, including its inclusion in the important AbEx show the Beyeler Foundation staged in 1989. Estimated at around $50 million and backed by a third-party guarantee, the canvas stands as one of Rothko’s most powerful expressions of American abstraction, its layered chromatic fields pulsing with contained, tormented energy and sublime atmospheric depth.

    Another star lot in the collection is Piet Mondrian’s Composition with Red and Blue (estimate: $20-30 million), signed and dated “PM 39-41.” This rare-to-auction painting belongs to the artist’s transatlantic period, as Mondrian began it in Europe and completed it in New York between 1939 and 1941. Its distinguished exhibition history includes “Mondrian: Nature to Abstraction” at the Tate in 1997. The work exemplifies Mondrian’s rigorous balance of line, color and luminous white ground, an essential yet conceptually intricate dialogue at the heart of his practice.

    Other anticipated works include an early Fauvist landscape by Georges Braque, Henri Matisse’s lyrical Figure et bouquet (Tête ocre) from his Nice period (estimate: $15-25 million), and Pablo Picasso’s La Lecture (Marie-Thérèse), a portrait of his muse estimated in the region of $40 million. Another exemplary work, one that justifies the sale title “A Tale Between Two Cities,” is the bold gestural abyssal composition Pierre Soulages painted in Peinture 161 x 200 cm, 14 novembre 1958, offered at $5-7 million, which resonates with the essential black marks on a white ground in Franz Kline’s Placidia from 1961 (estimate: $10-15 million).

    Robert F. Weis made his fortune as chairman of Weis Markets Inc., a family-run food company founded in 1912 in rural Pennsylvania, where the couple lived. A lifelong learner and avid reader, he developed a deep appreciation for art. Patricia Weis, born in New York City, shared his passion for art, architecture and design, an interest first sparked by an uncle in the fashion industry. She began collecting after meeting Lucie Rie and Hans Coper on a trip to London. Together, the pair became prominent philanthropists supporting educational, cultural, civic and medical institutions: Patricia served on the boards of Bard College and Franklin & Marshall College, while Robert was a Sterling Fellow at Yale University and sat on its Committee on Buildings and Grounds. They also championed Jewish causes and supported the Lown Cardiovascular Research Foundation, the Cystic Fibrosis Foundation and the Metropolitan Opera.

    The Cindy and Jay Pritzker Collection at Sotheby’s

    Van Gogh’s Romans Parisiens (Les Livres jaunes) hangs in an ornate frame above a stone mantel, flanked by blue-and-white vases, with bookshelves framing the scene.Van Gogh’s Romans Parisiens (Les Livres jaunes) hangs in an ornate frame above a stone mantel, flanked by blue-and-white vases, with bookshelves framing the scene.
    A $40 million Vincent van Gogh, Romans Parisiens (Les Livres jaunes), leads this Sotheby’s sale. Photo: Michael Tropea | Courtesy of Sotheby’s

    The other major consignment Sotheby’s has secured for November is the Cindy and Jay Pritzker Collection, which is expected to generate a total in excess of $120 million. Known for founding the Pritzker Architecture Prize in 1979—often called the “Nobel of architecture”—the Chicago-based couple extended their devotion to creative excellence beyond the built environment, assembling a collection that reflects the breadth and rigor of their cultural philanthropy.

    Headlining the November 20 Cindy and Jay Pritzker Collection sale, which immediately precedes Sotheby’s Modern Evening Auction at 7:30 p.m., is Vincent van Gogh’s Romans Parisiens (Les Livres jaunes) (1887), a radiant still life from the artist’s Paris period in which a stack of yellow-bound books becomes a portrait of his voracious intellect. Estimated at $40 million, the painting was acquired by the Pritzkers in 1994 through Richard L. Feigen & Co. and boasts an extensive literature and exhibition history spanning major institutions across Europe and the United States, including the show “Van Gogh à Paris” at the Musée d’Orsay (1988), “Vincent van Gogh Paintings” at the Rijksmuseum Vincent van Gogh, Amsterdam (1990), and “Vincent van Gogh and the Modern Movement, 1890-1914” at Museum Folkwang, Essen, and the Van Gogh Museum, Amsterdam (1990-91). The work last appeared publicly in “Van Gogh and Gauguin: The Studio of the South” at the Art Institute of Chicago (2001-02), “The Real Van Gogh: The Artist and His Letters” at the Royal Academy of Arts, London (2010), and “Van Gogh’s Bedrooms” at the Art Institute of Chicago (2016). The preparatory painting for this canvas is held in the Van Gogh Museum’s permanent collection.

    Comparing the present work to Piles of French Novels in the Van Gogh Museum, scholars have described it as particularly revealing of the artist’s stylistic transition. If the earlier study, flatter in tone and more monochromatic, reflects his fascination with Japanese prints through its block-like composition and restrained palette, the painting in the Pritzker Collection reintroduces depth and vitality through rhythmic dashes and loose strokes of the Neo-Impressionist style Van Gogh adopted in his final Paris months.

    Among the other highlights of the sale are Henri Matisse’s sensuous triptych Léda et le cygne (1944-46), estimated at $7-10 million, and Paul Gauguin’s La Maison de Pen du, gardeuse de vache (1889), painted during his Pont-Aven period and carrying a $6-8 million estimate. Additional highlights include Max Beckmann’s Der Wels (Catfish) ($5-7 million), Ernst Ludwig Kirchner’s Hallesches Tor, Berlin (1913, $3-5 million), a large-scale outdoor sculpture by Joan Miró ($4-6 million), and a lyrical Camille Pissarro landscape from his second Pontoise period ($1.2-1.8 million).

    The breadth of the Pritzker holdings will extend beyond the November sale, with further lots offered next month in Sotheby’s Books and Manuscripts, Sculpture and Works of Art, Chinese Works of Art, and Design auctions. Together, the ensemble is expected to bring tens of millions of dollars across multiple sales.

    The Elaine Wynn Collection at Christie’s

    Richard Diebenkorn’s Ocean Park #40, an abstract composition of intersecting geometric planes in turquoise, ochre, and coral hues, evoking the light and structure of the California coast.Richard Diebenkorn’s Ocean Park #40, an abstract composition of intersecting geometric planes in turquoise, ochre, and coral hues, evoking the light and structure of the California coast.
    Richard Diebenkorn, Ocean Park #40 (1971). Estimate: $15-25 million. Christie’s

    Christie’s also secured the remarkable collection of Elaine Wynn, the late philanthropist and “Queen of Las Vegas,” who passed away this April. Celebrated for her discerning eye and the remarkable assemblage she built both alongside and independently of her former husband, casino magnate Steve Wynn, her estate is estimated at over $75 million. Nine of the top works will be featured in the 20th Century Evening Sale on November 17, two in the 21st Century Evening Sale on November 19, with the remainder to follow in the Post-War and Contemporary Art Day Sale.

    The highlights from her collection span centuries and movements yet share the same standard of excellence that defined Wynn’s collecting ethos. On the Modern side, the top lot is Richard Diebenkorn’s transcendent Ocean Park #40, which will be offered in the 20th Century Evening Sale with an estimate of $15-25 million. The work returns to the rostrum just as Gagosian announces its representation of the Diebenkorn estate and inaugurates a dedicated exhibition at its Upper East Side gallery. Wynn acquired the painting at Sotheby’s in 2021, when it achieved a then-record $27.3 million. Diebenkorn’s auction record now stands at $46.4 million, set by his 1965 Recollections of a Visit to Leningrad at Christie’s New York in November 2023, placing the current estimate well within range yet poised to surpass it amid renewed market attention following Gagosian’s endorsement. Before its last sale, Ocean Park #40 was featured in the traveling museum exhibition dedicated to the series at the Modern Art Museum of Fort Worth and the Orange County Museum of Art (2011-2012), as well as Acquavella Galleries’ 2018 show pairing Diebenkorn’s California scenes with those of Wayne Thiebaud.

    Other top lots include J.M.W. Turner’s poetic Ehrenbreitstein (estimate: $12-18 million) and a refined Parisian scene by Georges Seurat. On the postwar side, headline works are Lucian Freud’s late self-portrait (estimate: $15-25 million) and Joan Mitchell’s sunflower-hued explosion of color and gesture (estimate: $12-18 million).

    The Edlis|Neeson Collection at Christie’s


    Interior view of the Edlis|Neeson Collection featuring works by Andy Warhol, including The Last Supper in yellow and black on the left wall and Skull in pink and green on the right. A Patina-inspired diptych by Rudolf Stingel hangs between them above a polished Art Deco cabinet, with small bronze animal sculptures displayed below. The highly reflective surface of the central table mirrors the surrounding artworks, enhancing the room’s sleek, modern atmosphere.Interior view of the Edlis|Neeson Collection featuring works by Andy Warhol, including The Last Supper in yellow and black on the left wall and Skull in pink and green on the right. A Patina-inspired diptych by Rudolf Stingel hangs between them above a polished Art Deco cabinet, with small bronze animal sculptures displayed below. The highly reflective surface of the central table mirrors the surrounding artworks, enhancing the room’s sleek, modern atmosphere.
    More than 40 groundbreaking works of art and design from Stefan Edlis and Gael Neeson’s Chicago residence will go on the block. © Damien Hirst and Science Ltd. All rights reserved, ARS 2025; © Robert Rauschenberg Foundation/VAGA at ARS, NY and DACS, London 2025; © Estate of Tom Wesselmann/VAGA at ARS, NY and DACS, London 2025; © Jeff Koons; © Richard Prince; © Ron Mueck; Diego Giacometti © 2025 Artists Rights Society (ARS), New York / ADAGP, Paris. Photo: © Michael Tropea

    Also presented as part of Christie’s 44-lot 21st Century Evening Sale on November 19, the Edlis|Neeson Collection is described by the auction house as a rare example of a carefully curated ensemble of postwar icons that together trace the evolution of modern and contemporary art. Austrian-born American collector and philanthropist Stefan Edlis and his life partner Gael Neeson began assembling their collection in the 1970s, gradually filling their landmark apartment on Chicago’s Magnificent Mile with works that James Rondeau, president and director of the Art Institute of Chicago, once called “one of the most important collections of modern and contemporary art in existence.” In 2015, the couple donated 44 works to the Art Institute, a gift the museum described as transformative. Born in Vienna in 1925, Stefan Edlis fled Nazi-occupied Austria for the U.S. in 1941 and later founded Apollo Plastics Corporation. In 1974, he met Gael Neeson, and together they began a lifelong pursuit of art collecting, mentored by Chicago collector Gerald Elliot. Their first major acquisition, Piet Mondrian’s Large Composition with Red, Blue, and Yellow (1977), marked the beginning of a collection that evolved toward Pop, Conceptual and contemporary art, featuring icons like Andy Warhol, Robert Rauschenberg, Cindy Sherman and Richard Prince, as well as a later generation similarly engaged with Pop and mass culture, including Damien Hirst, Jeff Koons, Takashi Murakami and Ugo Rondinone.

    One of the top lots is Ed Ruscha’s How Do You Do?, coming to auction amid strong market momentum for the artist following MoMA’s major retrospective last year. Part of Ruscha’s coveted mountain series, this laconic phrase floats diagonally rather than horizontally, suspended over a meticulously rendered alpine landscape, each ridge and summit bathed in deep blue light. Acquired directly from Gagosian in 2004 and shown that same year in the Aspen Art Museum’s Ed Ruscha: Mountain Paintings, the work makes its auction debut with an estimate of $5-7 million, secured by a third-party guarantee.

    Another highlight is Andy Warhol’s The Last Supper (Yellow) (1986), acquired from Gagosian in 2002 and now estimated at $6-8 million, also backed by a guarantee from Christie’s. The auction house describes it as the culmination of Warhol’s career, a meditation on the dualities of mass media and mortality. Created just a month before his death and first exhibited in Milan’s Palazzo delle Stelline, directly across from Leonardo da Vinci’s Last Supper, the series was Warhol’s way of “making Leonardo exciting again.” The work reflects his lifelong fascination with the iconography of images, their power, repetition and eventual loss of aura through mass reproduction. As more than 3,000 visitors attended the Milan show, The Last Supper came to embody Warhol’s own final self-reflection, a farewell from the artist who became as famous and as mythic as the masters he reinterpreted.

    Also featured in the sale are Warhol’s Skull (estimate: $800,000-1.2 million), which will open the Evening Sale, and his Oxidation Painting (Diptych) (1978), acquired from Skarstedt Gallery in 2017 (estimate: $900,000-1.2 million, guaranteed). Other highlights include a Diego Giacometti bronze table (estimate: $3-5 million), Richard Prince’s Double Nurse (estimate: $3-5 million), and Jeff Koons’s Gazing Ball (Courbet Sleep) (estimate: $600,000-800,000), acquired from Gagosian in 2015. The sale also includes works by Cindy Sherman, George Condo, Claes Oldenburg and Tom Wesselmann, alongside two Giacometti library tables.

    Perhaps the most provocative work from the collection, although not for sale, is Maurizio Cattelan’s Him (2001), which will be viewable by request during the November pre-sale exhibition, a haunting reminder of the collection’s daring and thought-provoking spirit.

    The Max N. Berry Collections at Christie’s

    A rough-textured bronze bust of a man with a gaunt, elongated face and hollow eyes, emerging from a heavily worked base that blurs into his shoulders.A rough-textured bronze bust of a man with a gaunt, elongated face and hollow eyes, emerging from a heavily worked base that blurs into his shoulders.
    Alberto Giacometti, Buste d’homme (Diego), conceived in 1959/cast in 1960-1961. Bronze with brown patina, height: 15.3/4 in. (40 cm.), estimate $5-8 million. Courtesy of Christie’s

    Debuting in the 20th Century Evening Sale this November, the collection of connoisseur Max Berry brings to auction one of the season’s most wide-ranging and valuable encyclopedic consignments. Spanning more than 30 categories, the collection, which is expected to generate tens of millions of dollars across several years of sales, reflects Berry’s lifetime of passionate and discerning collecting, driven more by curiosity than by market fashion.

    Among the top lots hitting the rostrum during the November marquee evening sale is Calder’s Acrobats (1929), a seminal wire sculpture estimated at $5-7 million. Composed of two delicately balanced figures mounted on a wooden base, the piece dates to the artist’s pivotal Paris years when he began transforming his toy-maker’s ingenuity into formal sculptural language. Acrobats is directly linked to Calder’s famed Cirque Calder (1926-31), the hand-built miniature circus that anticipated his lifelong fascination with movement and performance. Its appearance at auction coincides with the Whitney Museum’s centennial tribute “High Wire: Calder’s Circus at 100.”

    Also included in the sale is Berry’s Alexander Calder Untitled (1938), a rare yellow hanging mobile estimated at $1.5-2 million. Evoking the artist’s childlike sense of wonder, the sculpture’s continuous motion, no matter how still the air, epitomizes Calder’s mastery of balance, rhythm and levity. Completing the lineup of modern masters from the collection are Giacometti’s Buste d’homme (Diego), a bronze portrait of the artist’s brother, cast and signed 2/6 with an estimate of $5-8 million, and his still life Nature morte (1938), estimated at $1.5-2 million, a testament to the artist’s existential and essential synthesis of form and psychological depth.

    Additional works from Berry’s collection, including Judaica, American art and Chinese art, will be offered in stages through 2027, underscoring both the scope and scholarly depth of a lifetime spent collecting with intellect, passion and humanity. As Berry told Observer in a recent interview, his ultimate wish is that the works are enjoyed, whether by private collectors or in institutions. “It will be wonderful if a museum acquires some of them and makes them public, where they can sit alongside other objects of a similar nature to tell the story of their artistry and their times.”

    The Schlumberger Collection at Sotheby’s

    Claude Monet’s Vue de Rouen depuis la côte Sainte-Catherine, an Impressionist landscape painted in luminous tones of lilac, rose, and gold, depicting the Rouen Cathedral emerging softly through mist at sunset.Claude Monet’s Vue de Rouen depuis la côte Sainte-Catherine, an Impressionist landscape painted in luminous tones of lilac, rose, and gold, depicting the Rouen Cathedral emerging softly through mist at sunset.
    Claude Monet, Vue de Rouen depuis la côte Sainte-Catherine, 1892. Sotheby’s

    Similarly eclectic is the Schlumberger Collection, which Sotheby’s secured for this season. It debuted in Paris during their Surrealism and Its Legacy auction, with additional lots now scheduled to appear in New York during the Modern Evening Auction on November 20 and Modern Day Auction on November 21. Further works will be in the Important Design, Fine Jewelry and Fine Books & Manuscripts sales held between November and December 2025. This singular ensemble, bridging centuries of art and design and reflecting the legacy of one of Europe’s great industrial and cultural dynasties, was founded by brothers Conrad and Marcel Schlumberger, whose pioneering work in geophysics revolutionized the energy industry. The family also became renowned for its refined patronage of the arts. That legacy continued through Marcel’s daughter, Anne Schlumberger, whose discerning eye was shaped by her lifelong engagement with Surrealism, architecture and design.

    Among the works coming from the collection is Claude Monet’s Vue de Rouen, a luminous and atmospheric canvas painted at the dawn of his famed cathedral series and set to be one of the top lots in Sotheby’s Modern Evening Auction. Fresh to the block with an estimate of $3,000,000-4,000,000, this iconic Monet embodies a pure luminous atmosphere as the artist focuses on the transitory phenomenology of light and color, reaching a level of abstraction close to raw sensorial perception before any codification or formalization. The other highlight of the collection is François-Xavier Lalanne’s Hippopotame Bar (1976), a pièce unique and the first and only example the artist created in copper, serving as the prototype for his later bronze editions.

    Property from the Kawamura Memorial DIC Museum of Art at Christie’s

    Claude Monet’s Nymphéas (1907), a luminous vertical depiction of waterlilies at Giverny, where sunlight ripples across the pond’s reflective surface in soft tones of green, violet, and gold.Claude Monet’s Nymphéas (1907), a luminous vertical depiction of waterlilies at Giverny, where sunlight ripples across the pond’s reflective surface in soft tones of green, violet, and gold.
    Claude Monet, Nymphéas. Oil on canvas, 36 1/4 x 29 in. (92 x 73.6 cm.). Christie’s

    Christie’s added another major institutional consignment to its marquee sales with the Property from the Kawamura Memorial DIC Museum of Art collection. The museum, long celebrated for its distinguished holdings of Western art, is deaccessioning eight masterpieces by some of the most significant names in Impressionism and Modernism. Presented as a dedicated group in the 20th Century Evening Sale on November 17, with further works to follow in the Impressionist & Modern Art Day Sale and the Post-War & Contemporary Art Day Sale, the offering marks a pivotal moment in the museum’s history.

    For more than three decades, the works resided in Kawamura’s purpose-built museum near Tokyo, where they brought international visitors face-to-face with the great masters of modern art. Following its closure in March 2025, the institution announced plans to divest around 280 works through auctions and private sales, aiming to raise at least ¥10 billion (approximately $68 million).

    Leading Christie’s 20th Century Evening Sale from the museum’s collection is Claude Monet’s Nymphéas (1907), one of the artist’s most dazzling depictions of his Giverny waterlily pond, estimated at $40-60 million. Acquired in 1970 from the Estate of Albert J. Dreitzer through Sotheby’s, the painting has been a cornerstone of Kawamura’s galleries ever since, its vertical composition capturing the pond’s luminous surface in an almost abstract symphony of reflection and light.

    Other highlights include Pierre-Auguste Renoir’s Jeune femme arrangeant des fleurs (estimate: $8-12 million), Marc Chagall’s Le Rêve de Paris (estimate: $4-6 million) and Henri Matisse’s Femme au chapeau bleu (estimate: $3-5 million), which will also be offered in the 20th Century Evening Sale.

    More for art collectors

    The Top Collections (and Their Top Lots) Headlining the $1.6 Billion November Sales

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  • Agnes Gund, Relentless Arts Patron and Supporter of Justice-Impacted Artists, Dies at 87

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    Agnes Gund. (c) 2013 Timothy Greenfield-Sanders

    There are many signs that the art world has reached the end of an era, and the passing of arts patron and philanthropist Agnes Gund on Friday, September 19 is one of the most definitive. Her death marks the departure of an entire generation of committed collectors, leaving the industry to grapple with who will step into their place and sustain a system that has grown vast and unwieldy.

    Gund died at age 87, as reported by the New York Times. The cause has not been disclosed, though her daughter Catherine Gund confirmed her passing.

    A relentless supporter of art and culture, Gund was among the most influential U.S. patrons of the past half-century (even taking a spot on our 2023 Business of Art Power List). As president emerita of the Museum of Modern Art, where she served as president for more than 11 years, she played a transformative role in expanding the museum’s reach and collection, directly helping raise the funds that made its most recent expansion possible.

    She sat on numerous boards, supported generations of artists and championed art as a tool for education, equity and systemic change. She reportedly gave away two-thirds of her assets each year to sustain New York’s cultural life and was a fixture at galas, including those of El Museo del Barrio, YoungArts, The Kitchen and MoMA PS1, where she was seen this summer.

    Her collection included some of the greatest names of the past century—artists she not only supported but knew personally. Masterpieces by Mark Rothko, Roy Lichtenstein, James Rosenquist, Jasper Johns, Brice Marden, Agnes Martin, Yayoi Kusama and Louise Bourgeois (and the list just goes on) formed part of an encyclopedic collection that spanned the breadth of contemporary art across media and styles.

    Gund had already donated hundreds of works to MoMA, which honored her with the exhibition “Studio Visit: Selected Gifts from Agnes Gund,” showcasing around 50 of the more than 800 works she gave. In total, over 900 artworks from her collection have been gifted or promised to public institutions nationwide. As for what’s left, it remains to be seen which auction house will secure this trophy estate.

    She was also a longtime advocate for arts education and social justice. In 1977 she founded “Studio in a School,” an innovative program that placed professional artists in New York public schools, inspiring tens of thousands of children. She extended her civic influence by serving on the New York State Council on the Arts and as chair of the Cultural Affairs Advisory Commission of New York City.

    In 2017 she sold her beloved Roy Lichtenstein Masterpiece to hedge fund investor Steven Cohen for $165 million to launch Art for Justice, a catalytic six-year fund targeting the racial inequities of mass incarceration. The fund sunsetted in 2023 after distributing more than $127 million in grants. “Agnes is not done,” Helena Huang, Art for Justice’s project director, told Observer at the time, noting Gund’s growing focus on reproductive rights and her enduring concern for the state of the world.

    In November 2023 she sold another Lichtenstein, directing more than $2 million to the Groundswell Fund, which advocates for reproductive rights, and to Michigan’s Reproductive Freedom for All ballot measure. “She would say that there’s less art to sell,” Huang commented, when asked whether Gund would continue parting with works for charity. “But she’ll continue to leverage everything that she has.”

    Who was Agnes Gund?

    Agnes Gund was born on August 13, 1938 in Cleveland. Her father, George Gund II, built a fortune in real estate, brewing and investing and served as president of the Cleveland Trust Company, Ohio’s largest bank. After his death in 1966, she inherited a substantial trust and soon purchased a Henry Moore sculpture, beginning what would grow into a collection of some 2,000 works.

    Her passion for art began in childhood with visits to the Cleveland Museum of Art and deepened at Miss Porter’s School in Farmington, Conn., where she enrolled after her mother’s death in 1954. “I had a magical art history teacher who didn’t just give you the artist’s name and the date of the picture; she showed you how to look at artwork,” she told Lifestyles magazine in 2010.

    Gund graduated from Connecticut College for Women (now Connecticut College) in 1960 with a degree in history. Three years later she married Albrecht “Brec” Saalfield, a private-school teacher and heir to the Saalfield Publishing Company. The marriage ended in divorce, as did a second marriage to Daniel Shapiro, a lawyer and teacher. She had four children with Saalfield—Catherine, David, Anna and Jessica—and is also survived by her brothers Gordon and Geoffrey Gund, her sister, the theater producer Louise Gund, and 12 grandchildren.

    The passing of Agnes Gund leaves a profound void in New York’s art world and beyond, sharpening the question of who will carry forward the work of her generation and ensure the future of cultural patronage.

    Agnes Gund, Relentless Arts Patron and Supporter of Justice-Impacted Artists, Dies at 87

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    Elisa Carollo

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