Christie's and Sotheby's November marquee auctions in New York generated a combined $1.4 billion, with Sotheby's achieving a record $706 million from a double-header sale. The highlight was Gustav Klimt's "Portrait of Elisabeth Lederer" (1914–16), sold for $236.4 million from the collection of late cosmetics heir Leonard Lauder, becoming the most expensive modern artwork ever sold at auction. Christie's Monday sale brought in $690 million, falling short of its $731.5 million high estimate but still marking a 42% increase over its equivalent sale last November.
The results signal a potential resurgence at the top end of the art market after two sluggish years, with iconic works commanding record prices. However, art market analyst Philip Hoffman cautioned that the lower to mid-market remains challenging, with young contemporary galleries seeing limited buying activity. The auction week demonstrated that exceptional works continue to attract fierce bidding, as seen in the 20-minute battle for the Klimt portrait, but the broader market recovery remains uneven, concentrated among trophy assets rather than across all segments.