Sotheby’s, Christie’s and Phillips raised a combined $1.27bn from their May 2025 marquee auctions of Modern and contemporary art in New York, an 8% decline from the same period last year, according to data from London-based auction analysts Pi-eX. The highest-priced lot, Alberto Giacometti’s 1955 bronze bust *Grande tête mince (Grande tête de Diego)*, estimated at $70m, failed to sell, while Andy Warhol’s *Big Electric Chair* (1967), valued at $30m, was withdrawn before Christie’s auction to avoid a similar fate. The downturn is attributed to geopolitical uncertainty under Donald Trump’s presidency, including tariffs announced on April 2, which have unsettled buyer confidence.
This contraction marks a potential third consecutive year of declining global art market sales, challenging the industry’s self-perception as a hyper-luxury boutique business insulated from broader economic and political volatility. Experts like collector and adviser Clayton Press describe a “sea change” and a “dramatic upheaval” long overdue, as high prices for even mid-tier works deter buyers. Gallerist Massimo De Carlo noted at the Art for Tomorrow conference that “everybody needs to change the business model,” reflecting a growing consensus that the top end of the market must adapt to wars, political instability, and generational shifts.