Sotheby's May 2025 evening auctions in New York generated $433.1 million, a 132.7% increase over the same sales last spring, despite offering fewer lots. The evening featured an 11-lot sale from the collection of the late banker-turned-dealer Robert Mnuchin, which alone brought in $166.3 million, led by Mark Rothko's "Brown and Blacks in Reds" (1957) selling for $85.8 million. The main contemporary art auction, including "The Now" sale, totaled $266.8 million, with over 80% of lots guaranteed. Four works went unsold and one was withdrawn, yielding a 91% sell-through rate.
This result underscores the art market's continued top-heaviness as it recovers from a prolonged contraction, with trophy lots—especially Rothko and Warhol—driving the bulk of revenue. The heavy reliance on guarantees (80.7% of the presale low estimate) indicates that auction houses are taking significant financial risks to secure high-value consignments. The strong performance at Sotheby's sets a competitive tone for Christie's upcoming sale, where another major Rothko from Agnes Gund's collection is expected to fetch around $80 million, signaling that the ultra-high-end segment remains robust while the broader market may still be uneven.