Sotheby's held a marathon night of three sales in New York, totaling $186.1 million in contemporary and ultra-contemporary art. The evening began with single-owner sales from the collections of the late dealer Barbara Gladstone and veteran dealer Daniella Luxembourg, both achieving 'white glove' results with no buy-ins. The main sale featured 42 lots, led by Jean-Michel Basquiat's *Untitled* (1981), which sold for $16.4 million. Overall, 66 of 69 lots sold, with a 94% sell-through rate, though the total fell short of the $234.6 million achieved in the equivalent sale last year.
The results signal a resilient but sobered art market, with strong demand for guaranteed works and high sell-through rates, yet lacking the speculative frenzy of previous years. The heavy reliance on third-party guarantees—covering nearly 70% of the presale low estimate—reflects a cautious approach by both sellers and auction houses. The night underscores that while the market remains active, buyers are more selective, and price levels have moderated from the peaks seen a few years ago.