Auction houses expect this month's New York sales to bring in as much as $1.6bn

The upcoming autumn sales at New York auction houses are projected to generate between $1.2bn and $1.6bn, reflecting softness in the art market compared to last year's November sales.

Christie's will feature a guaranteed sale of René Magritte's L'empire des lumières, estimated to exceed $95m, aiming to break the artist's previous auction records.

Single-owner collections continue to play a vital role at auctions, serving as reliable anchors in the sales despite the overall declining art market.

Another anticipated highlight includes Ed Ruscha's Standard Station, Ten-Cent Western Being Torn in Half, with an estimated value of $50m, potentially setting a new auction record for the artist.

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