Sotheby's underperformed with the highly anticipated Saunders Collection of Old Masters, which was estimated at $80–120 million but sold for only $65.4 million, falling $14.6 million short of its low estimate. The sell-through rate was a dismal 58%, with 16 of 43 lots failing to sell in the standalone auction. Christie's also saw disappointing results, with a smaller sale totaling $6.89 million, 17% below its low target. The collection, amassed by the late banker Thomas A. Saunders III and his wife Jordan, was billed as the most valuable Old Masters collection ever to come to auction.
The poor performance challenges the popular narrative that the art market's decline since mid-2022 is solely a supply issue. The Saunders Collection, with its stellar quality, provenance, and exhibition history, was supposed to represent exactly what buyers want, yet buyers still got cold feet. This suggests the market downturn may also be a demand problem, not just a lack of quality material. The results raise serious questions about the health of the Old Masters market and the broader art market, as even top-tier collections struggle to find buyers.