Sotheby’s CEO Charles Stewart said the art market has entered a new phase this fall, with supply finally “catching up with the demand” after months of strong bidder activity.
The comment, made recently to CNBC, comes as New York’s marquee auction houses prepare for sales expected to total more than $1.4 billion, a jump of roughly 50 percent from last year and a possible turning point after three consecutive years of declines.
The November auctions will test whether renewed confidence from consignors and buyers can sustain a broader recovery. This season’s centerpiece is the estate of Leonard Lauder, whose 55 works at Sotheby’s are valued at more than $400 million, led by Gustav Klimt’s Portrait of Elisabeth Lederer, estimated above $150 million, and two Klimt landscapes carrying estimates of more than $70 million and $80 million. Sotheby’s will also offer six bronze Matisse sculptures and an Edvard Munch Midsummer Night.
Works from Jay and Cindy Pritzker’s collection add another $120 million in estimated value, including a Van Gogh still life priced above $40 million.
At Christie’s, highlights include a Monet Nymphéas and David Hockney’s Christopher Isherwood and Don Bachardy, each estimated at $40 million to $60 million, alongside a Mark Rothko expected to achieve more than $50 million.
Advisors say the combination of rare material and stronger macroeconomic conditions—lower interest rates, a buoyant stock market, and recent wealth creation—has helped entice sellers back to auction. “What we’ve seen more recently is the supply catching up with the demand,” Stewart told CNBC. “Something’s definitely shifted in the last two months.”
Sotheby’s also enters the week with added momentum from the debut of its new global headquarters in the Breuer Building on Madison Avenue, which has drawn more than 10,000 visitors since opening last week. Stewart said consignors have responded to the increased visibility.
Still, significant pressure remains at the top of the market. Sales of works priced above $10 million fell 44 percent in the first half of 2025 compared with 2024 and remain 72 percent below the post-pandemic peak in 2022, according to Bank of America Private Bank. No lot surpassed $50 million at auction in the first half of the year, down from 13 sales above that level in 2022.
By contrast, the lower end of the market continues to strengthen: dealers with annual turnover under $250,000 reported a 17 percent rise in sales last year, while those above $10 million saw a 9 percent drop.
Whether next week’s auctions confirm a true rebound or simply a brief correction, the split between the trophy market and the thriving lower tiers suggests the next phase of growth may not look much like the last one. Still, even a strong week won’t resolve the deeper question hanging over the season: whether the market’s future belongs to trophy-hunting megacollectors, or to a rising cohort reshaping demand from the ground up.
