New York’s November marquee auction served as a long-term test of the year – the last, top reading on global demand, collector confidence and the direction of the US market entering 2026. But this period took on a different kind of weight. After nearly a full year of the Trump administration and persistent uncertainty surrounding the Federal Reserve’s interest rate path, the fallout has come in the form of Macroeconomics. Nevertheless, more than $1.6 billion in Blue-Chip art was ready to hit the block, including some of the most acquired American collections in decades.
The week opened with an undeniable signal. Christie launched its marquee expansion With the sole owner sale of the Robert F. Weis and Patricia G. Ross Weis Collection, it pulled in $218 million (above expectations) before adding another $471 million to its 20-foot evening. The star was Mark Rotyko’s No. 31 (Yellow Line)which fetched $62.1 million after competition, with nearly five minutes of bidding generating the highest online bid ever placed during a Christie’s live auction. By the end of its first night, Christie’s had matched its total performance from the same week last year.
An indicator was answered with a thunderclap its: Sales of $527.5 million Bildnis Elisabeth Ledererthe result of $ 236.4 million that does not set a new auction record for this artist but also became the most important work ever sold in the Soutby section today. With temporary sales now and then, it closed the evening in the neighborhood of $706 million, marking the highest gross of the night in its history.
Together, houses bring some of the strongest results of the last decade. However, the image they created was not one of a unified market. It was one of selection, accuracy and deep competition only for original content, quality and inquiry.
Opening the tab under the headings and what this season reveals in terms of Collector Psychology, the show, Global Advisor demand and art consultant Megan Fox Kelly breaks down what the numbers mean.
This season brought some of the strongest prices of the century, beating Sotheby’s with a single record result for the evening. How can you see the perfect market tone from these sales items in November?
I would describe the tone as confident but picky. The power we saw wasn’t a sudden “controversy” – it was the market responding with special features. If there is one important sign, it is that the need for large works has not disappeared. The story of the weak market over the past six months came from a slowdown, not a lack of buyers. When collections of this caliber are seen – they work with a pleasing weight and art of real history – the bidding tells a very different story than the headlines.
We also have to admit something: These results were driven by regions and long collections, not collectors who choose to sell because the time feels perfect. Having LOUDER or Ross Weis Material planned for May, we will have a very different discussion about the spring time – and be a market with a lot less “decreasing news”.
Sole proprietorships drove a significant share of the results this season. What does the performance of the lauder and ross weis collections tell us about the current collector’s confidence and patronage role in 2025?
The performance of these groups underscores something we know but often forgets in the noise of the market cycle: Confidence is a form of value. Collectors will appreciate the works found in thoughtful, well-designed collections where the quality is consistent and the story is compelling. Lauder’s sales in particular showed that exposure can create its own gravity field – consumers trust it, institutions trust it, and the bidding reflects that.
We are also told that confidence is still very high for artists with Deep Scholarship behind them. When a collection presents the best examples by historically important artists, buyers move forward regardless of market conditions.
How independent is this level of bidding depth, especially given the 20-minute, six-minute contest at Klimt? Does it reflect global participation or a small pool of face-rich buyers?
Both focus and compete. There are many collectors in the top tier of global wealth today, and several were doing well this week. That creates depth at the top, but not width. We are talking about a few people who can pursue $200 million klimts with confidence.
But the bottom line is that the competition wasn’t just him. It wasn’t one thing that pulled the price down. He had engaging, aggressive participation from many geographies. That tells me that with jobs that are undeniably out of reach, the buyer pool is deep enough to support this level of competition when the content is worth it.
The fall season followed a full cycle of art fairs, from Frieze London to ART Basel Paris. Did the auction confirm or contradict what you saw in the primary market this fall?
They confirmed it. In the primary market this fall – we’ve been seeing a more structured environment. Shows that report good placement of artists with depth and institutional support, but little desire for the perceived power that we have seen in the last few years. Collectors think about what they get and why.
The auction confirmed that. The strongest results are concentrated around artists with established markets and works that were new to the market. On the contrary, the most thought-out part still feels fragile. So the pattern was consistent on both sides of the market: strong demand, but only artists who work with them have real seriousness and long-term viewing. Days of basic market buying followed by a quick exit from the auction are very clear – and I see that as a healthy adjustment.
Basquelan, Cattelan, Rotyko, Hockene, Big Names All Done Well. Do you see this as a resetting of established postwar values and modern masters, or is it a unique period driven by eccentricities?
That is very important. These were exceptional examples – jobs that don’t come up very often, and in some cases haven’t been on the market for decades. When you combine non-reception with intensive feeding, the rates reflect that.
But I also think we’re seeing a refocusing of the market. Collectors care about artists who have a real kind of history right now. We are in an era where quality is more important than practice, and that is healthy. I wouldn’t call it a “reset of the universe” but it is sure to confirm the number of established kings.
Christie’s and Sothelaki’s ratings are both PREPALED PREPALED. Do you interpret this as a strategic success in the valuation, or is real demand exceeding expectations?
A bit of both. Houses – and their servants – were very much guided in this sense – for the most part, the estimates were realistic, well measured and set to stimulate competition. That’s a good idea.
But you need realistic expectations for certain jobs. You don’t see a 10-15 minute bidding sequence without many people deeply believing in the quality and value of what they are following. In those jobs, the estimates were loud, but the buyers pushed past them in the end.
Are there any sales during the week that are surprising – be it in terms of bidding behavior, regional participation or the performance of certain categories?
What surprised me the most was that the narrative changed so quickly when something big happened on the block. The media has been describing a falling market for months now, but the minute these collections appeared, you saw decisive bidding.
I was also struck by how high the competition was. The participation came from all over the American, European, Asian buyers – who told us that the global demand for art books has not decreased but is likely to increase.
And finally, the difference within modern art was speaking. An icon of a mind like Cattelan America they were registered less, and Basququiaiat rose. That gap is not random – it shows how much the market has changed and worked in depth, authenticity, and cultural importance.
