"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."
"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."
New York autumn auctions are poised to exceed $1.4 billion, about 50 percent more than last year, marking a possible turning point after three years of declines. Major consignments include the Leonard Lauder estate (55 works valued above $400 million, anchored by a Klimt estimated over $150 million) and pieces from Jay and Cindy Pritzker (about $120 million, including a Van Gogh over $40 million). Christie's will offer works by Monet, Hockney and Rothko. Advisors attribute renewed seller participation to rare material availability and improved macro conditions—lower interest rates, a stronger stock market, and recent wealth creation—while Sotheby's new Madison Avenue headquarters has increased visibility.
Read at ARTnews.com
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