New York’s spring auctions look set to continue the global slump in the art market with a predicted 26% fall in sales value compared to last year.
Analysis by HENI News found an estimated $1 billion worth of modern and contemporary art is due to be sold at Christie’s, Sotheby’s and Phillips auctions starting on May 12.
The marquee sales are on course to be down by more than a quarter on last year's May auctions which saw around 1,700 works sold for a total $1.4 billion.
This year 1,500 works will head to auction with a total estimate of $1.02 billion including a Jean-Michel Basquiat once owned by David Bowie, a $70million Giacometti bronze and works collected by the late Barnes & Noble billionaire, Leonard Riggio and his wife Louise.
It comes after a slump in sales in both London and Hong Kong. The March auctions in the UK capital were down 31%, totaling $328million compared to $474million in 2024, while Hong Kong fell
33% on comparable sales in 2024, totaling $150million compared to $225million the year before.
Read more on this story at HENI News here.