Christie’s and Sotheby’s Reflect Cautious Art Market

Christie’s marquee New York auctions, including the Leonard & Louise Riggio Collection and its 20th Century Evening sale, generated $489 million in sales, buoyed by extensive guarantees and irrevocable bids that ensured a near sell-out despite subdued bidding and absent Asian buyers. The Riggio Collection, noted for Surrealism, modernism, and Minimalism, nearly sold out but the overall hammer total of $409 million missed the low estimate, reflecting tightening market conditions. In contrast, Sotheby’s faced disappointment when its top lot, Alberto Giacometti’s $70 million bronze bust, failed to sell—attributed to the lack of a guarantee and a high estimate—highlighting declining demand at the ultra-high end. Both auction houses relied heavily on established blue-chip artists, but results indicated buyers are increasingly selective and risk-averse, often waiting until the last moment to decide. Advisors described the results as solid but unspectacular, underlining a trend of conservatism and careful strategy among sellers and auction houses amid economic uncertainty. While auction totals remain strong, the overall sentiment is one of caution and recalibration in the high-end art market.