"After two years of muted results, New York's leading auction houses expect to pull in between $1.7bn and $2.3bn during their marquee November sales. A result near or above the high end of that range would support optimistic prognostications last month coming out of Frieze London and Art Basel Paris that the trade is turning a corner after a years-long slump."
"The likeliest outcome, somewhere in the middle, will give the trade plenty to mull over as it prepares for the last dance of 2025, Art Basel Miami Beach, in early December. The surge in top-tier material headed to auction this month is largely driven by major consignments to Sotheby's, including works from the estates of Leonard Lauder and Jay and Cindy Pritzker, as the auction house prepares to hold the first sales at its new headquarters, the Breuer Building."
"Auction houses were among the businesses hit hardest when the art market began to slump in 2023. According to the Survey of Global Collecting 2025 released by Art Basel and UBS in October, the share of high net-worth individuals buying through auctions dropped from 74% to 49% over the past two years, with most of those collectors preferring galleries or private dealers. Still, auction house specialists say they are optimistic about this season's offerings."
New York auction houses forecast $1.7 billion to $2.3 billion in November sales. Outcomes at the top end would suggest a market rebound, while a much lower total would point to persistent buyer hesitancy even for exceptional works. A midrange result is the most likely and will shape sentiment ahead of Art Basel Miami Beach in December. Supply is elevated because of major consignments to Sotheby's, including estates such as Leonard Lauder and Jay and Cindy Pritzker and the house's first sales at the Breuer Building. Auction participation among wealthy collectors fell from 74% to 49%, with many favoring galleries or private dealers, though specialists note recent repricing and more inviting levels for high-quality works.
Read at The Art Newspaper - International art news and events
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