The summer 2025 auction season concluded with total sales of $85.7 million, a significant drop from $105 million the previous year. The top lot, François-Xavier Lalanne's *Grand Rhinocrétaire II* (2003), sold for $16.42 million at Sotheby’s New York, far below last June’s $29 million top price. Other notable results include Tamara de Lempicka’s *La Belle Rafaëla* (1927) at $10.18 million, two Jean-Michel Basquiat works, and a strong showing by Jacek Malczewski’s *Reality* (1908) at Desa Unicum in Warsaw.
The cooling market, while anticipated, has accelerated faster than expected, raising questions about when auction sales will rebound. The absence of blue-chip blockbusters and the reliance on mid-tier lots suggest collectors are cautious amid inflation and economic uncertainty. However, standout performances—such as the Lalanne piece exceeding estimates by nearly four times—indicate selective demand for exceptional works, signaling a market in transition rather than collapse.