Sotheby's CEO Charles Stewart told CNBC that the art market has entered a new phase this fall, with supply finally catching up with demand after months of strong bidder activity. New York's marquee auction houses are preparing for sales expected to total more than $1.4 billion, a roughly 50% jump from last year, driven by major consignments including the estate of Leonard Lauder (55 works valued at over $400 million, led by Gustav Klimt's Portrait of Elisabeth Lederer) and collections from Jay and Cindy Pritzker. Christie's highlights include a Monet Nymphéas, a David Hockney portrait, and a Mark Rothko, each estimated at $40–60 million.
This season marks a possible turning point after three consecutive years of market declines, testing whether renewed confidence from consignors and buyers can sustain a broader recovery. While the top end of the market remains under pressure—sales of works above $10 million fell 44% in the first half of 2025—the lower end is strengthening, with smaller dealers reporting a 17% rise in sales. The outcome of the November auctions will help determine whether the market's future belongs to trophy-hunting megacollectors or a rising cohort reshaping demand from the ground up.