The article reports on the May 2023 marquee auction sales at Christie's, Sotheby's, and Phillips, which collectively topped $2.5 billion—nearly double the $1.3 billion from the same period last year. The sales were headlined by the record-breaking $181.2 million sale of S. I. Newhouse's Jackson Pollock painting, Number 7A, 1948, and buoyed by the $630.8 million generated from Newhouse's 16-lot collection. ARTnews asked five art advisors for their takes on the sales, including insights on high attendance at previews, the performance of specific works like a Gerhard Richter painting from Marian Goodman's collection, and the emergence of millennial and Gen Z buyers.
This analysis matters because it provides a real-time, expert assessment of the art market's health after a period of volatility. The advisors' observations—such as the measured bidding on the Pollock, the strong depth for a Richter, and the surge in younger buyers—offer nuanced signals about market correction, stabilization, and shifting demographics. The article helps collectors, dealers, and investors understand the 'new normal' in the art market, where quality and discernment are prized over frenzied spending.