Last week's New York marquee auctions saw record-breaking sales and billions of dollars in transactions, providing a much-needed boost of confidence after nearly three years of market contraction. The article reviews top sales and notable flops from the week, analyzing how these results are shaping the current market outlook.
The Mississippi Museum of Art (MMA) has acquired the Frank Lloyd Wright–designed property Fountainhead in Jackson, Mississippi, following approval from the Jackson Planning and Zoning Board and City Council. Originally designed in 1948 and completed in 1954 for oil speculator J. Willis Hughes, the 3,558-square-foot Usonian home was later restored by architect Robert Parker Adams and has been on the National Register of Historic Places since 1980. The museum plans to open the home for public tours, with bus transportation from its main campus, and to establish community partnerships.
Frida Kahlo's painting *El sueño (La cama)* (1940) sold at Sotheby's New York for $54.7 million on Thursday night, setting a new auction record for any artwork by a female artist. The sale, which lasted under five minutes, exceeded the previous record held by Georgia O'Keeffe's *Jimson Weed/White Flower No. 1* ($44.4 million in 2014). The painting was backed by an irrevocable bid and came from the collection of Selma Ertegun, offered as part of a Surrealist group titled "Exquisite Corpus." Anna Di Stasi, Sotheby's head of Latin American art, placed the winning bid on behalf of a client.
Newly released emails between Jeffrey Epstein and journalist Michael Wolff reveal Epstein speculating about the $450 million sale of Leonardo da Vinci's *Salvator Mundi* and its possible connection to Donald Trump. In a May 2019 exchange, Epstein suggested that the painting's sale by Russian oligarch Dmitry Rybolovlev to Saudi Crown Prince Mohammed bin Salman might have been a covert bribe to secure Trump's support on Middle Eastern policy, specifically his veto of a congressional resolution against U.S. involvement in the Yemen war. Epstein also noted that his "art guy" thought the painting wasn't very good.
Frida Kahlo's 1940 self-portrait *El sueño (La cama)* sold for $54.7 million at Sotheby's New York on November 20, far exceeding its pre-sale estimate of $40–60 million. The painting, consigned by the estate of Selma Ertegun, was won by a phone bidder handled by Sotheby's senior vice president Anna Di Stasi. The sale broke Kahlo's previous auction record of $34.9 million set in 2021 for *Diego y yo*, as well as the record for a Latin American artwork and the overall record for a work by a woman artist at auction, surpassing Georgia O'Keeffe's $44.4 million *Jimson Weed/White Flower No. 1*.
The Mississippi Museum of Art (MMA) has acquired Fountainhead, a Frank Lloyd Wright-designed Usonian home in Jackson, Mississippi, for $1 million. The residence, built in 1954 for oilman J. Willis Hughes, is one of only four Wright homes in the state and the only one listed on the National Register of Historic Places. It was sold by the estate of late architect Robert Parker Adams, who had restored the property after purchasing it in 1980. The museum plans to preserve the home and open it to the public as a cultural destination.
The childhood home of legendary singer and activist Nina Simone in Tryon, North Carolina, has been fully restored after nine years of effort by an artist coalition led by Adam Pendleton, alongside Julie Mehretu, Rashid Johnson, and Ellen Gallagher. The restoration, completed with a $6 million boost from a charity auction and gala co-hosted by tennis star Venus Williams and Pace Gallery, preserved the 650-square-foot clapboard house to its 1933–1937 condition, including historically accurate materials, an ADA ramp, geothermal climate control, and a century-old magnolia tree named “Sweetie Mae.” The African American Cultural Heritage Action Fund announced the completion, and the property remains closed to the public while community programming and ethical cultural tourism are being planned.
Mattel and the Museum of Modern Art (MoMA) have announced a five-year global partnership, launching their first collaborative collection of seven MoMA-inspired Barbie dolls. The debut lineup includes a Van Gogh Barbie featuring a gown inspired by *Starry Night* (1889), alongside other dolls drawing from iconic artworks. This new collection follows Mattel's earlier 2015 Museum Collection, designed by Linda Kyaw, which included Barbies styled after works by Gustav Klimt, Leonardo da Vinci, and Vincent van Gogh, such as a Da Vinci Barbie modeled after the *Mona Lisa* and a Klimt Barbie based on *Portrait of Adele Bloch-Bauer I* (1907).
The New York Gallery History Project has launched its first installment: an online archive of Jay Gorney Modern Art, which operated from 1985 to 1998. The archive documents over 90 exhibitions held at the gallery, featuring artists such as Catherine Opie, Jessica Stockholder, Gillian Wearing, Haim Steinbach, and Martha Rosler. The material includes installation views, artwork images, and original invitations, all digitized from analog transparencies and slides. The project is an initiative of the Independent art fair and the Contemporary Art Library, a Los Angeles nonprofit.
Christie’s 21st-century evening sale on Wednesday set new auction records for women artists Firelei Báez, Joan Brown, and Olga de Amaral. Báez’s painting *Untitled (Colonization in America, Visual History Wall Map, Prepared by Civic Education Service)* (2021) sold for $1,111,250; Brown’s *After the Alcatraz Swim #2* achieved $596,900; and Amaral’s *Pueblo H* (2011) soared to $3,125,000—more than double her previous record. The sale also set records for a neon/sculptural work by Glenn Ligon and a three-dimensional work by Richard Prince.
A new experimental space called Padimai Art & Tech Studio will open in November 2025 at Tanjong Pagar Distripark in Singapore. The launch features a VR work by artist Olafur Eliasson titled "Your view matter" (2022/25), commissioned by the studio's founder, technologist and collector Vignesh Sundaresan (also known as Metakovan). Sundaresan made headlines in 2021 with his record-breaking $69.3 million purchase of Beeple's "Everydays: The First 5000 Days." The work guides participants through six geometric virtual environments, with each visitor's trajectory and point of view recorded as a unique data file stored in a blockchain-based archive.
In a podcast interview with Louis Theroux, Marina Abramović revealed that curator Klaus Biesenbach was initially skeptical of her landmark 2010 performance "The Artist Is Present" at MoMA. Biesenbach, then chief curator at large at the Museum of Modern Art, had invited Abramović for the institution's first performance art retrospective, proposing the title "The Artist Is Present." When Abramović suggested sitting silently in the museum's atrium every day for three months, Biesenbach reportedly called the idea "ridiculous," predicting no one would participate. Despite his doubts, the performance drew some 1,500 visitors, with one person sitting for an entire day, and became a defining moment in 21st-century art.
The Metropolitan Museum of Art announced its Spring 2026 Costume Institute exhibition, “Costume Art,” which will open on May 10, 2026, inaugurating the new 12,000-square-foot Condé M. Nast gallery designed by Peterson Rich Office. The exhibition will feature artworks from across the Met’s collections in dialogue with garments from the Costume Institute, focusing primarily on Western art from prehistory to the present. Major sponsors include Jeff Bezos and Lauren Sánchez Bezos, with additional support from Saint Laurent and Condé Nast. Curator Andrew Bolton and museum director Max Hollein spoke at the press conference, where preview objects included Rei Kawakubo’s Comme des Garçons ensemble and Hans Bellmer’s "La Poupée."
Gustav Klimt's 'Portrait of Elisabeth Lederer' (1914–16) sold for $236.4 million at Sotheby's New York on November 18, 2025, after 20 minutes of bidding. The painting, which started at $130 million, was won by a phone bidder represented by Sotheby's specialist Julian Dawes, with the hammer price at $205 million. The work was the highlight of the Leonard A. Lauder Collection sale, a 55-work trove valued at over $400 million, and proceeds will go to the Lauder trust. The portrait had been restituted after Nazi-era confiscation and was acquired by Lauder in the mid-1980s.
Filmmaker Ira Sachs has released a new film titled *Peter Hujar's Day*, based on a 1974 audio recording and subsequent book by writer Linda Rosenkrantz. The film captures a single day in the life of photographer Peter Hujar, who died of AIDS-related complications in 1987, as he recounts mundane details and artistic anxieties to Rosenkrantz. Starring Ben Whishaw as Hujar and Rebecca Hall as Rosenkrantz, the movie adapts a transcript Rosenkrantz rediscovered and published in 2021. Sachs describes the project as an exploration of portraiture, light, and emotion, contrasting with his earlier, more turbulent film *Passages*.
A Gustav Klimt painting, *Portrait of Elisabeth Lederer* (1914), sold for $236.4 million at Sotheby’s in New York, setting a new auction record for the artist and becoming the most expensive work ever sold at Sotheby’s as well as the most expensive Modern artwork at auction. The work was part of a sale dedicated to the collection of the late art patron Leonard Lauder, who died in June at age 92. The bidding lasted about 20 minutes, with Sotheby’s auctioneer Oliver Barker opening at $130 million; the winning bid of $205 million came from Sotheby’s staffer Julian Dawes, representing a phone client. The sale included two dozen works from Lauder’s trove, which also featured three Klimt paintings and six Henri Matisse bronzes.
Singer-songwriter Jewel, a Grammy nominee and former sculpture student, will debut her first solo exhibition titled "Matriclysm: An Archeology of Connections Lost" at Salone Verde in Venice from May 10 to November 22, 2025, coinciding with the 62nd Venice Biennale. The show, presented by Crystal Bridges Museum of Art and organized by curator-at-large Joe Thompson, features new paintings, sculptures, tapestries, installations, and sound works exploring feminine power, climate change, and universal connection. Highlights include a massive plaster sculpture of a pregnant woman created with artist Patrick Bongoy, a glass installation produced at the Toledo Museum of Art, and works incorporating data from NASA, NOAA, Stanford University, and UC Berkeley.
An early Jean-Michel Basquiat painting, *Crowns (Peso Neto)* (1981), sold for $48.3 million at Sotheby’s contemporary evening sale on Tuesday night, exceeding its pre-sale estimate of $35–45 million. The work, making its auction debut, was created when Basquiat was 21 and features his signature motifs of crowns, black faces, and cartographic lines. Bidding lasted five minutes, with Sotheby’s chairman for China Jen Hua winning on behalf of a phone client. The painting had been held in three private collections over four decades and was previously exhibited at Basquiat’s first solo show at Annina Nosei, documenta 7, the Whitney Museum, and the Fondation Louis Vuitton.
California Attorney General Rob Bonta has re-entered the long-running legal battle over a Camille Pissarro painting, *Rue Saint-Honoré in the Afternoon, Effect of Rain* (1897), which was sold under duress by Lilly Cassirer Neubauer to a Nazi appraiser in 1939 for 900 Reichsmarks. The painting is now held by the Museo Thyssen-Bornemisza in Madrid, and the Cassirer family has sought its return for decades. A new California law signed by Governor Gavin Newsom in September allows exceptions for property taken as a result of political persecution, and Bonta is now defending the state's authority to compel the return of stolen art to victims connected to California.
The Phillips Collection in Washington, D.C., is proceeding with plans to auction major works by Georgia O'Keeffe, Arthur Dove, and Georges Seurat at Sotheby's on November 20, despite sharp backlash from former curators, members of the Phillips family, and the museum's non-governing members body. The works—including O'Keeffe's *Large Dark Red Leaves on White* (estimate $6–8 million), Seurat's conté crayon drawing ($3–5 million), and Dove's *Rose and Locust Stump* ($1.2–1.8 million)—are considered central to founder Duncan Phillips's vision. Director and CEO Jonathan Binstock argues the proceeds will fund a permanently restricted endowment for commissioning new work by living artists, acquisitions, and collection care, aligning with Duncan Phillips's belief in supporting contemporary practitioners.
A four-panel suite of paintings by Norman Rockwell, titled *So You Want to See The President!* (1943), sold for $7.2 million at Heritage Auctions on November 14. The work, which hung in the White House for decades, was bought by the White House Historical Association, marking its most expensive acquisition to date. The sale followed a bitter ownership dispute among descendants of the original commissioner, President Franklin D. Roosevelt's press secretary Stephen T. Early, with a federal judge ruling in favor of the current owner, William Elam, in 2023.
The School of the Art Institute of Chicago (SAIC) laid off three of five staff members at the Video Data Bank (VDB), a renowned video art distribution organization, on November 12. Former director Tom Colley announced the dismissals of digital collection manager Elise Schierbeek and distribution assistant Nicky Ni, and stated that acquisitions and programming would cease. SAIC cited financial pressures from federal policy changes and enrollment declines, insisting the VDB is not closing but needs adjusted staffing to protect its teaching mission. The VDB, founded in 1976 and approaching its 50th anniversary, holds works by major artists including Nam June Paik, Pipilotti Rist, and Bruce Nauman, and has historically received NEA funding.
A new exhibition titled “Rodin’s Egypt” opens November 19 at NYU’s Institute for the Study of the Ancient World (ISAW), exploring how ancient Egyptian art influenced Auguste Rodin’s sculptures. Guest curated by Bénédicte Garnier of the Musée Rodin in Paris, the show features 65 objects, including Rodin’s rarely seen assemblages that combine his plaster casts with Egyptian antiquities from his personal collection of over 1,000 Egyptian items. This marks the first US exhibition of Rodin’s Egyptian holdings.
Shanghai Art Week 2025 is underway, anchored by two major concurrent art fairs: Art021 Shanghai and West Bund Art and Design, running from November 13 to 16. West Bund has relocated to a new venue, the West Bund Convention Center designed by Skidmore, Owings, and Merrill, featuring over 200 participants including 106 galleries in its main sector. Art021 returns to the Shanghai Exhibition Center with 139 galleries from 22 countries, including 33 first-time participants. The Shanghai Biennale opened early at the Power Station of Art, curated by Kitty Scott under the title "Does the Flower Hear the Bee?" featuring 67 artists and collectives. Meanwhile, alternative events like "Artist's Treat," launched by Xu Zhen in collaboration with Hol Platform and ShanghArt Gallery, are drawing attention in repurposed local spaces.
UK tax authority HM Revenue and Customs (HMRC) has charged mega-gallery Hauser & Wirth with breaching criminal sanctions by allegedly making a luxury artwork available to a person connected with Russia. The case involves a 2021 work-on-paper by George Condo titled *Escape from Humanity*, sold by the gallery between April and December 2022, after the UK banned luxury goods exports to Russia-linked individuals in April 2022. The gallery, along with shipping company Artay Rauchwerger Solomons, faces charges under the sanctions law, which was enacted following Russia's invasion of Ukraine. Hauser & Wirth has stated it strongly contests the charge and intends to plead not guilty.
A federal bankruptcy judge has approved a new settlement for Purdue Pharma, the pharmaceutical company behind OxyContin, resolving thousands of lawsuits related to its role in the opioid crisis. The deal, which replaces a 2021 settlement rejected by the Supreme Court, requires the Sackler family to contribute up to $7 billion and relinquish ownership of Purdue, while allowing individuals to sue family members directly.
At Brooklyn's Pioneer Works, a drag queen professional wrestling event called Choke Hole, part of artist Raúl de Nieves's exhibition, was disrupted when audience member and performer Chiquitita stormed the stage. She objected to a skit that made light of Immigration and Customs Enforcement (ICE) deportations, shouting that 'ICE is not entertainment!' and hurling the microphone into a video screen. The performance, titled ARMAGEDDON, featured an alien queen plot involving nuclear codes and ICE, and Choke Hole later apologized, removing the segment from subsequent shows.
Choke Hole, a drag wrestling show, issued an apology on Friday for a controversial ICE-themed segment performed at Pioneer Works, a Brooklyn art center. The event, titled ARMAGEDDON, was held in conjunction with a show by artist Raúl de Nieves and featured a character named Visqueen, a sex robot, who announced that an ICE agent was present to deport an alien queen. Wrestler Candy Pain fought the fictional agent and won, but the performance angered spectators, including trans activist Chiquitita, who confronted the cast and criticized the trivialization of real ICE violence. Choke Hole acknowledged the harm, donated over $3,000 to NYC ICE Watch, and urged followers to contribute.
Artist Friedrich Kunath, known for his sincere yet absurd paintings, discusses his unlikely friendship with tennis star Reilly Opelka, who is also an art collector. The two share a mutual obsession with each other's crafts—Kunath coaches Opelka in tennis, while Opelka seeks Kunath's insights on artists like Philip Guston. Kunath is preparing for his solo debut at Pace Gallery in New York this November, following his move from Blum Gallery, which closed shortly after. He reflects on the loneliness of both tennis and art, and his creative process, which draws heavily from music and film.
Metallica guitarist Kirk Hammett is auctioning Frank Frazetta's painting *Conan the Berserker* (1967), which he purchased directly from the artist for $1 million in 2009. The work, originally used as cover art for a paperback edition of Robert E. Howard's novel *Conan the Conqueror*, will be offered in Heritage Auctions' “Hollywood/Entertainment Signature Auction” on December 9–10, with bidding starting at $10 million. The sale follows a record-breaking Frazetta auction in September, when his oil painting *Man Ape* (1966) sold for $13.5 million.