Veteran art advisor Patti Wong, who left Sotheby's after three decades to start her own firm, analyzes a significant recalibration in the auction market. She notes a new discipline among auction houses and buyers following the frothy post-pandemic years, with houses becoming more selective, relying heavily on third-party guarantees, and facing greater buyer scrutiny on provenance and estimates. She also highlights the industry's expansion into new geographies like Saudi Arabia and new categories like luxury goods.
This shift matters because it signals a fundamental change in how high-value art is bought and sold. Wong questions whether the traditional auction model, with its rising buyer's premiums, remains the best venue for ultra-high-value works, suggesting private sales may become more attractive. Her insights reveal the intense competition for estates amid the 'Great Wealth Transfer' and underscore how client relationships are being tested by a focus on financial terms over legacy connections.