New York's spring auctions, beginning on May 12, are experiencing turbulence due to President Trumpâs administration impacting the art market. The chaos surrounding 'Liberation Day' contributed to the withholding of significant artworks, as noted by Phillips' Robert Manley. According to Clare McAndrew's Art Market Report, auction sales have declined for the second year, dropping 24% in the US. Forecasts for the upcoming auctions show an estimated total of $1.1bn to $1.5bn, marking the lowest level since 2010. The situation reflects ongoing political uncertainty and reluctance among collectors to sell top-tier pieces this season.
Our sales next week would have been larger had the tariffs not happened.
Tariffs and ensuing stock-market fluctuations really came at the worst time-exactly what a tricky market didn't need.
These sales will be closely watched as the first to establish the floor for what we can expect under the new administration.
The number of lots catalogued is the lowest of any May marquee sales week since 2007.
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