New York's May sales season is underway with over $1.8 billion worth of art heading to auction at major houses including Sotheby's, where a monumental Rothko consigned by Robert Mnuchin is expected to fetch $70–100 million. Frieze New York opens at the Shed with 68 galleries, half of them local. Other notable developments include a major Banksy work hitting the auction block with one of its highest estimates ever, and the estate of sculptor Robert Therrien leaving Gagosian after nearly 30 years to join David Zwirner.
These sales and events serve as a critical barometer for the art market's recovery after last November's auctions suggested renewed stability. The outcome will test whether that momentum is sustainable, while gallery shifts and high-profile consignments signal ongoing realignment among top-tier dealers and collectors. The convergence of fairs and auctions in one week underscores New York's continued dominance as a global art hub.