art market minute may 19

New York’s spring marquee auctions, traditionally a bellwether for the global art market, concluded with thin margins and soft demand despite an increased number of high-value "masterpiece" lots priced at $30 million and above. The results indicate that strong supply alone cannot overcome deeper market challenges. Separately, Yuga Labs, the company behind the Bored Ape Yacht Club, has sold its landmark CryptoPunks NFT collection to the NODE Foundation.