The article reports on the upcoming May 2025 marquee auctions in New York at Christie’s, Sotheby’s, and Phillips, which carry a combined low estimate of about $1.2 billion—similar to last year. However, the market faces headwinds from U.S. trade wars, stock market volatility, high interest rates, and ongoing global conflicts. Major consignors include estates (Len Riggio, Anne Bass), living patrons (Tiqui Atencio, Norman Braman), dealers (Daniella Luxembourg, Barbara Gladstone, Enrico Navara), and institutions (SFMOMA, Virginia Museum of Fine Arts, Phillips Collection). Notable lots include Sheldon Solow’s $70 million Alberto Giacometti at Sotheby’s and Riggio’s $50 million Mondrian at Christie’s. Collector Peter M. Brant is revealed as the seller of Basquiat’s Baby Boom (1982) and a John Currin painting at Christie’s.
The article matters because it captures a moment of uncertainty in the art market, where the speculative bubble for emerging artists has burst, and buyers are shifting toward historical blue-chip works. The disclosure of major consignors—including estates, living collectors, and museums—signals a wave of supply that could test market resilience. Art advisor Wendy Cromwell and dealer Evan Beard provide context, comparing the current downturn to the early 1990s. The piece also highlights how auction houses are adapting, with fewer hot emerging lots and more emphasis on masterpiece-level and overlooked historical material.