Art News. Vasari Codex

trending_up market schedule May 18, 2026 visibility 8 link 2 artists, 1 gallery

S.I. Newhouse’s 11-Foot-Wide Jackson Pollock Drip Painting Sells for Record-Breaking $181.2 M.

A Jackson Pollock drip painting, *Number 7A* (1948), formerly owned by media magnate S. I. Newhouse, sold at Christie’s on Monday night for a hammer price of $157 million, totaling $181.2 million with fees. The work, measuring nearly 11 feet wide, received over 60 bids in a 10-minute bidding war and set a new auction record for the Abstract Expressionist artist, surpassing the previous high of $61 million set in 2021. The winning bid was placed by a buyer represented by Christie’s global president Alex Rotter, with Swiss mega-dealer Iwan Wirth acting as an underbidder, possibly for collector Laurene Powell Jobs.

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Robust Sales at Sotheby’s, Phillips Suggest Art Market Upswing

The May 19 evening sales at Sotheby’s and Phillips generated a combined $419.1 million, signaling a potential recovery in the contemporary and modern art market. Sotheby’s brought in $303.9 million—60% more than the previous year—led by a record-breaking $48.4 million Matisse, while Phillips achieved $115.2 million, more than double its 2025 sales. Both auctions saw high sell-through rates, with 98% and 100% of lots sold respectively. Notable lots included a $42.6 million Picasso, a $29.4 million van Gogh drawing, and strong performances by female artists like Lee Bontecou, Joan Mitchell, and Helen Frankenthaler.