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Observer’s 2025 Art Market Recap: Recovery After a Year of Recalibration

After a turbulent start marked by gallery closures and market contraction, the art market in 2025 rebounded decisively, driven by a secondary-market surge in high-quality consignments. Major auction houses reported strong year-end results: Sotheby's projects $7 billion in consolidated sales (up 17%), Christie's expects $6.2 billion (up 7%), and Phillips reported $927 million (up 10%). Key sales included the $272 million Leonard & Louise Riggio collection at Christie's, the $527.5 million Lauder collection at Sotheby's (led by a $236.4 million Gustav Klimt), and the $136 million Karpidas sales. The year began quietly but gained momentum after summer, with deep bidding and strategic pricing driving a 26% increase in Sotheby's auction revenue and an 11% overall rise in fine art sales across Old Masters, Impressionist, Modern, Post-War and Contemporary categories.

A Calibrated Market: How 2025 Shaped the Landscape for Collectors in 2026

The article analyzes the art market in 2025, describing a year of divergence rather than a single trend. While aggregate sales remained below post-pandemic peaks, the year ended with a billion-dollar New York auction week, a record-setting Klimt portrait, and strong demand for exceptional works. Segments like Old Master auctions and the $1 million–$10 million band saw growth, while the ultra-contemporary segment struggled. Key events included the May marquee auctions in New York, the second edition of Art Basel Paris, and November sales at Christie’s and Sotheby’s, which demonstrated a split-level market with record highs at the top and discipline elsewhere.

Christie's and Sotheby's end 2025 with increased sales, thanks to luxury goods, trophy lots and private deals

Christie's and Sotheby's both reported increased total projected revenue for 2025, reversing two years of market decline. Sotheby's led with $7bn in global sales (up 17%), boosted by a record $236.3m sale of Klimt's *Portrait of Elisabeth Lederer* and strong luxury sales. Christie's posted $6.2bn overall (up 6%), with private sales accounting for 24% of revenue and Old Masters rising 24% year-on-year. Both houses saw significant growth in the second half of 2025 and continued expansion in luxury categories, though Asian art and Asia Pacific buyer spending declined at Christie's.

Black.2; Family Values; Studio Exhibition

Amelia Winata reviews three concurrent group exhibitions in Melbourne galleries: 'Black.2' at Void_Melbourne (15 Nov–20 Dec 2025), 'Family Values' at Futures (6 Dec–20 Dec 2025), and 'Studio Exhibition' at Haydens (6 Dec 2025). The article opens with a metaphor comparing the gallery-goer's experience to the rescue ship Carpathia navigating icebergs, reflecting the glut of end-of-year group shows in Melbourne's commercial spaces. Winata visits each space, describing the deco-chic building housing Void_, the formalist black-themed works by artists like Nick Devlin, Elvis Richardson, Sarah Goffman, and Suzie Idiens, and the broader context of Melbourne's gallery scene.

Medieval triptych ventures out of Dorset to sell for £5.7m in London Old Master auctions

A late 15th-century Netherlandish triptych, *The Five Miracles of Christ*, sold for £5.7 million at Sotheby’s London Old Master auction. The work, kept for centuries at St. John’s Almshouse in Sherborne, Dorset, had never before appeared on the market. The charity sold it to fund affordable housing, and the buyer—an unnamed Christian charitable foundation—plans to keep the painting publicly viewable in the town. Other highlights included a Rembrandt reattribution, *Saint John on Patmos*, which sold for £6.8 million, and a record £3.2 million for a Hans Eworth portrait of the 4th Duke of Norfolk.

The Heseltine Gallery showcases regional artists

The Heseltine Open Exhibition 2025 is currently on view at the Heseltine Gallery in Middleton Cheney, UK, through December 14. Featuring over 60 adult artists and a record 17 youth entries, the show includes paintings, drawings, prints, pottery, glasswork, textiles, photography, and mixed media. Awards were presented by John Childs, Chief Art Examiner for OCR and gallery founder, and Tom Christy, Head of Art and Design at Chenderit School. Commended artists include ceramicists Julia Taylor and Sue Clayton, glass artist Jill Tilsbury, wire sculptor Linda Johns, and several painters and photographers. Two young artists, Lottie Clarke and Annika Dowden, received the Brian Goodey memorial prize.

Christie’s sale confirms it: Indian art has arrived on the world stage

Christie's achieved a rare 'white-glove' sale in its Modern and Contemporary South Asian Art auction, selling all 84 lots for $12.38 million—150% above the low estimate. The sale was led by Vasudeo Gaitonde's *Untitled (1984)* at $2.4 million, with strong bidding from India, the US, the UK, the UAE, and Singapore. New artist records were set for Sheikh Mohammed Sultan and Ivan Peries, while works by Rashid Choudhury and Biren De also drew intense interest. The auction, overseen by Nishad Avari, head of Christie's Indian art department, signals a broadening of the market beyond established modernists like M.F. Husain and S.H. Raza.

Christie’s highlights Arab artists in London auction

Christie’s is highlighting several Arab artists in its upcoming Modern and Contemporary Middle Eastern Art sale, scheduled for November 6 in London with an online preview from October 28 to November 11. Featured works include Paul Guiragossian’s 'Automne,' a masterpiece from the 1980s that previously achieved the second-highest auction price for the artist; Abdulhalim Radwi’s 'Untitled,' a semi-abstract cityscape blending traditional architecture and modernist influences; Samia Halaby’s 'Gardenia' from her 'Diagonal Flight' series; Kamal Boullata’s 'Nocturne I,' exploring geometric abstraction and exile; Mahmoud Said’s 'Mekarzel Hill,' a landscape once owned by a former Egyptian prime minister; and Laila Shawa’s 'City of Peace (Jerusalem),' a socio-political commentary on Palestinian life under occupation.

Picasso or Bitcoin? How art’s status is changing among the super-rich

Christie's and Sotheby's reported nearly flat first-half 2025 sales of $2.1bn and $2.2bn respectively, with Christie's 20th/21st-century art sales down 2% but luxury up 29%. The Mei Moses Art Index shows over 50% of auction lots sold at negative compound annual returns, which analyst Michael Moses calls 'the worst overall financial performance in the 21st century.' Meanwhile, Bitcoin, gold, and stocks have significantly outperformed art, with BlackRock's Bitcoin ETF alone attracting $84bn—far exceeding the global art market's total value. A record $43.9m Canaletto sale to a Bezos-linked buyer underscores that top-tier works still command attention, but the broader trend suggests wealthy investors are prioritizing financial returns over art as a status symbol.

Bollywood Star Sonam Kapoor on the Women Who Shaped Her Eye for South Asian Art

Bollywood star Sonam Kapoor discusses her evolution as an art collector, shaped by the women in her family—her mother Sunita Kapoor and aunt Kavita Singh, a Mumbai-based interior designer and art curator. Kapoor began collecting instinctively, drawn to South Asian modernists like Amrita Sher-Gil and Manjit Bawa, but has recently shifted toward contemporary works and underrepresented artists, especially women and those outside major art hubs. She sources art from galleries such as Jhaveri Contemporary, Chemould Prescott, and Nature Morte, as well as auction houses including Christie’s, Sotheby’s, and Saffronart. Kapoor was on the host committee for the Serpentine Summer Party in London, where she admired Arpita Singh’s first institutional solo show outside India.

Phillips claims stake in South Asian market with London exhibition

Phillips auction house has launched a selling exhibition titled "Crossing Borders" at its Berkeley Square location in London, featuring 64 South Asian Modernist artists including Bhupen Khakhar, Huma Bhabha, Rasheed Araeen, and Nilima Sheikh. The show, organized in collaboration with Grosvenor Gallery, includes major market figures like S.H. Raza and F.N. Souza alongside lesser-known names such as Ahmed Parvez and Viswanathan. Prices range from £5,000 to £1.5 million, with works jointly consigned and profits shared between Phillips and Grosvenor. The exhibition marks Phillips' most significant entry into the South Asian art market, a sector long dominated by Sotheby's, Christie's, and Bonhams.

How Third-Party Guarantees Are Quietly (But Significantly) Rewriting the Rules of the Art Auction

The article reports that the New York Spring Marquee auctions in May 2025 generated $1.27 billion, an 8% decline from $1.38 billion in May 2024, followed by a 26% drop in London June auctions to £98 million. In response to this volatile market, auction houses like Christie’s and Sotheby’s are increasingly relying on third-party guarantees (or irrevocable bids), where a buyer agrees in advance to purchase a lot at a set price if no higher bid emerges. Data from Pi-eX Ltd shows that third-party guarantee coverage surged from near zero in 2021 to a record 73% in May 2025, with the Leonard & Louise Riggio collection being 99% backed by such guarantees.

The art market bites back as estimates fail to score

Sotheby’s, Christie’s and Phillips raised a combined $1.27bn from their May 2025 marquee auctions of Modern and contemporary art in New York, an 8% decline from the same period last year, according to data from London-based auction analysts Pi-eX. The highest-priced lot, Alberto Giacometti’s 1955 bronze bust *Grande tête mince (Grande tête de Diego)*, estimated at $70m, failed to sell, while Andy Warhol’s *Big Electric Chair* (1967), valued at $30m, was withdrawn before Christie’s auction to avoid a similar fate. The downturn is attributed to geopolitical uncertainty under Donald Trump’s presidency, including tariffs announced on April 2, which have unsettled buyer confidence.

Everything to Know About Christie’s Modern Middle Eastern Art Auction

Christie’s has opened an online auction of Modern and Contemporary Middle Eastern Art, running through May 8th and featuring 69 works from across the Gulf, Levant, North Africa, Iraq, and Iran. The sale is led by pioneering artist Samia Halaby’s 2013 painting 'Water Lilies', estimated at $100,000–$150,000, and includes a dedicated 'Saudi Now!' section with 12 pieces by Saudi artists such as Ahmed Mater and Manal AlDowayan. Over a third of the lots are by women artists, including Etel Adnan, Helen Khal, Huguette Caland, Tala Madani, and Tagreed Darghouth, alongside North African figures like Mohamed Melehi and Hassan Hajjaj.

Christie’s Spring Marquee Week Totals $693 Million 123% Over Low Estimate - Christie's

Christie's Spring Marquee Week, held May 12–15, 2025 in New York, generated $693 million in total sales, exceeding the low estimate by 123% and surpassing the auction house's totals from both May and November 2024. The week featured six evening and day sales, led by the $272 million Leonard & Louise Riggio: Collected Works sale, with the top lot being Piet Mondrian's *Composition with Large Red Plane, Bluish Gray, Yellow, Black and Blue* (1922) selling for $47.6 million. Marlene Dumas' *Miss January* set a new auction record for a living female artist at $13.6 million, and additional records were set for Simone Leigh, Emma McIntyre, Louis Fratino, Dorothea Tanning, and Remedios Varo. The overall sell-through rate was 88% by lot, with strong bidding across all price bands.

Failed auction of $70M bronze bust stuns Sotheby’s bidders into silence

Sotheby's high-stakes Modern evening sale on Tuesday night ended in shock when Alberto Giacometti's bronze bust "Grand tête mince (Grand tête de Diego)," estimated at $70 million, failed to sell. Bidding stalled at $64.25 million, well below the reserve, and auctioneer Oliver Barker withdrew the lot. The consignment came from the Soloviev Foundation, the nonprofit arm of the late real estate mogul Sheldon Solow, who had declined an auction guarantee. The sale ultimately brought in only $152 million, far short of the $240 million low estimate, with the Giacometti representing nearly 30% of that target.

Bonhams To Auction Museum-Quality Work From The Holly Solomon Collection

Bonhams will auction museum-quality works from the collection of legendary New York gallerist Holly Solomon during its Post-War & Contemporary Art daytime sale on May 15, 2025, and its 20th/21st Century Art Evening Sale on May 14, 2025. The lots include pieces by Robert Rauschenberg, Nam June Paik, Christo, Gordon Matta-Clark, Claes Oldenburg, and Richard Pettibone, among others, many of which have rarely been seen.

Christo and Jeanne-Claude, Legendary Artists, Are Back in Spirit

The article revisits Christo and Jeanne-Claude's iconic 1983 "Surrounded Islands" project in Miami's Biscayne Bay, where they wrapped 11 small islands in hot pink plastic. It describes how the spectacle drew global attention and marked a turning point for Miami, which was then struggling with crime and a negative image. The piece also notes that the couple's work is being seen again in Florida, New York, and Germany, with a related exhibition at NSU Art Museum Fort Lauderdale.

Christie's Hong Kong autumn sale drops 46% from last year but makes Picasso's record in Asia

Christie's 20/21st Century Autumn sale in Hong Kong on 26 September generated $72.6 million, a 46% drop from the same sale last year and roughly flat compared to its March sale. Despite the decline, a Picasso painting, *Buste de Femme* (1944), set a new Asia record at HK$196.75 million ($25.4 million) after a fierce bidding war. Other top lots included Zao Wou-ki's *17.3.63* (HK$85.2 million) and Yayoi Kusama's *Pumpkin [TWAQN]* (HK$34.66 million). The sale marked the first anniversary of Christie's Asia headquarters in the Henderson building. Sotheby's and Phillips also held autumn sales that weekend, with Sotheby's totaling HK$335.7 million and Phillips achieving HK$160 million.

Tiffany Window From Connecticut Church Could Fetch $2 M. at Christie’s

A late 19th-century stained-glass window by Tiffany Studios, known as the Boyd Family Memorial Window (The Falls), is set to be auctioned at Christie's New York in June with an estimate of up to $2 million. The window, commissioned in 1898 and installed in 1899 at the Second Congregational Church in Winsted, Connecticut, depicts a waterfall landscape and has been in the church for about 125 years.

louvre reopens delay galleries closed staff strike 1234768758

The Louvre Museum in Paris reopened to the public on Monday after a three-hour delay, though several galleries remained closed as staff resumed strike action over pay, working conditions, and staffing levels. The renewed strike follows a pause on December 19 for the Christmas holiday and is part of ongoing disputes between unions and museum management. The museum has also faced recent challenges, including a $102 million jewel theft in October and infrastructure problems such as a water leak that damaged ancient books.

dorset museum sherborne almshouse triptych 1234763609

The Dorset Museum & Art Gallery in England has launched a fundraising campaign to acquire a rare 15th-century Netherlandish altarpiece, known as *The Master of the Sherborne Almshouse Triptych*, valued at up to £3.5 million ($4.6 million). The work is set to be auctioned by Sotheby’s in an Old Master evening sale next month, and the museum aims to prevent it from entering a private collection or being exported. The triptych, which depicts five healings of Jesus Christ, was hidden during periods of iconoclastic destruction and rediscovered in St. John’s Almshouse in Sherborne in the 19th century; it has only left the site twice, for exhibitions at the Royal Academy in 1923 and the Victoria and Albert Museum in 2003.

rijksmuseum condom christian backlash 1234746234

The Rijksmuseum has acquired a nearly 200-year-old condom made from sheep intestine, which features an erotic illustration of a nun and clergymen and is now on display as part of a small exhibition on 19th-century sex work. The object, likely a brothel souvenir, has sparked outrage from the conservative Christian group Stichting Civitas Christiana and its youth wing TFP Student Action Europe, who organized a protest outside the museum and circulated flyers calling it an insult to God, the Catholic Church, and the Dutch nation.

In John Constable’s Hometown, a Trio of Shows Marks His 250th Birthday

A series of three exhibitions in Suffolk, England, celebrates the 250th anniversary of John Constable's birth. The program, hosted at Christchurch Mansion in Ipswich, includes "Constable: A Cast of Characters," focusing on his personal life and circle; "The Hay Wain: Walking Constable's Landscape," featuring his iconic paintings including *The Hay Wain* displayed in its depicted county for the first time; and "Constable to Contemporary," examining his ongoing influence on modern artists.

imls trump vision grant guidelines 2745461

The Institute of Museum and Library Services (IMLS) has issued new grant application guidelines that explicitly reference President Donald Trump's executive orders and his vision for U.S. culture. The guidelines encourage applicants to align with orders like "Making Federal Architecture Beautiful Again," which mandates classical style for government buildings, and "Restoring Truth and Sanity to American History," which seeks to control exhibition content. The cover letter also points applicants to orders on combating antisemitism and anti-Christian bias, which appears to warn against pro-Palestinian applications.

antique condom rijksmuseum christian protest 2661519

A 19th-century condom printed with a bawdy scene depicting a nun and three clergymen is on display at the Rijksmuseum in Amsterdam as part of the exhibition “Safe Sex?” The Catholic foundation Civitas Christiana staged a two-day protest outside the museum and launched a petition with over 1,000 signatures demanding the object's removal, calling it a grotesque insult to God, the Catholic Church, and the Dutch nation. Right-wing publications like De Dagelijkse Standaard have supported the protest, drawing comparisons to restrictions on depictions of Mohammed.

Acquisitions round-up: a rare early Italian portrait of a Black man, a record-breaking Kiddush cup, and a limewood sculpture of the Madonna

The Uffizi Galleries in Florence have acquired Giacomo Ceruti's "Il mendicante moro" (1725–30), one of the earliest known portraits of a Black man in Italian painting. The Toledo Museum of Art has purchased a rare 11th-12th century Kiddush cup that set an auction record for Judaica at Sotheby's for $4m. The Bode-Museum in Berlin has acquired a limewood sculpture of the nursing Madonna from the Circle of the Biberach Master, which was restituted to the heirs of Jakob Goldschmidt in 2023 and sold at Christie's in 2024.

Pulitzer Prize-winning art critic Christopher Knight is retiring

Christopher Knight, the Pulitzer Prize-winning art critic for the Los Angeles Times, is retiring after more than 40 years in the field, with his final day set for November 28. Knight spent 36 of those years at the Los Angeles Times, becoming one of the last full-time art critics at a major U.S. daily newspaper. He won the Pulitzer Prize for criticism in 2020 for his incisive coverage of the Los Angeles County Museum of Art's proposed overhaul, and received a $50,000 Lifetime Achievement Award for Art Journalism from the Dorothea and Leo Rabkin Foundation the same year. Knight also authored two books and appeared on programs like 60 Minutes and PBS NewsHour.

Prince Sadruddin Aga Khan's collection of Indian and Persian paintings to sell at Christie's for more than £8m

Christie's will auction 95 Indian and Persian paintings from the collection of Prince and Princess Sadruddin Aga Khan in London on 28 October, with estimates ranging from £2,000 to £1m and a total expected sale price exceeding £8m. The collection, formed between the 1960s and 1980s, includes Ottoman, Mughal, Deccani, and Rajput works, as well as pieces by artists such as Reza Abbasi, Ghulam Ali Khan, and Sheikh Muhammad Amir of Karraya, dating from the 16th to 19th centuries. Highlights include a page from the Fraser Album and an early Mughal painting of cheetahs attributed to Basawan.

See ‘Shattered Glass: The Women Who Elevated American Art’ in Canton

The Canton Museum of Art in Ohio is presenting 'Shattered Glass: The Women Who Elevated American Art,' an exhibition running from November 25, 2025, through March 1, 2026. Curated by Christy Davis and Kaleigh Pisani, the show spans all museum galleries and features over 120 works by 76 female American artists from the 1780s to the present day. Highlights include Audrey Flack's 1977 photorealist painting 'Marilyn,' still-life trompe-l'oeil works by Claude Hirst (born Claudine in 1855), Sister Corita Kent's 'Circus Alphabet' print series, and a photograph of Lee Miller in Adolf Hitler's abandoned apartment. The exhibition aims to spotlight underrecognized women who persevered despite barriers in the art world.