Christie’s, Sotheby’s, and Phillips collectively fell short of their spring auction expectations, bringing in just over $1 billion in evening sales against estimates of $1.2 billion to $1.6 billion. The hammer total of $837.5 million was down from $1.4 billion in the same week last year and $1.8 billion in 2022, with a notable drop in high-priced works and fading interest in emerging artists. The top ten lots generated $278.6 million, a 63 percent decline from 2022, and only a handful of artists under 45 appeared in evening sales, compared to previous years.
This underperformance signals a significant market correction after years of speculative buying in the “ultra-contemporary” category, with collectors shifting toward established and late-career artists. The pullback reflects broader economic uncertainty, as advisers note a lack of urgency and reluctance to spend large sums. However, the downturn created opportunities for late-career women artists like Olga de Amaral and Marlene Dumas to set new auction records, suggesting a rebalancing of market priorities toward historical significance over hype.