The major auctions held in New York each May and November are among the most anticipated events on the global auction calendar. Only the finest masterpieces go under the hammer, regularly setting records that captivate the art world. Next week marks the return of this prestigious event, and it remains to be seen if it will breathe new life into a market that has recently seen quieter days. Sotheby’s and Christie’s appear well-prepared to deliver just that.
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On May 12, Christie’s will present 39 masterpieces from the collection of Barnes & Noble founder Leonard Riggio, who passed away in 2024. He and his wife Louise curated the collection together over many years. The standout piece is Piet Mondrian's Composition with Large Red Plane, Bluish Gray, Yellow, Black and Blue (1922), which could potentially exceed the artist’s auction record of $51 million, set at Sotheby’s in 2022. Other significant works include René Magritte's L'empire des lumières (1949), Pablo Picasso's Femme à la coiffe d'Arlésienne sur fond vert (Lee Miller) (1937), and Alberto Giacometti's Femme de Venise I (1956). In total, the “Leonard & Louise Riggio: Collected Works” auction is estimated to reach $250 million.
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Following this is the 20th Century Evening Sale, led by Mark Rothko's No. 4 (Two Dominants) [Orange, Plum, Black] (1950–51), Claude Monet's Peupliers au bord de l'Epte, crépuscule (1891), and Andy Warhol's Big Electric Chair (1967–68).
Christie’s will continue with its Impressionist and Modern Works on Paper and Impressionist and Modern Art Day Sale on May 13. These will be followed by the 21st Century Evening Sale on May 14, featuring 42 lots, with Jean-Michel Basquiat's Baby Boom (1982) topping the estimates at $20–30 million. Marlene Dumas’ major work Miss January (1997) has the potential to set new records—not just for Dumas, but for any living artist, with an estimated price of $12–18 million. Jenny Saville, whose work Propped was auctioned for £9.55 million ($12.4 million) in 2018, currently holds that title.
See also: Jenny Saville: The Art of the Sculpted Nude on Canvas
Marquee Week at Christie’s concludes on May 15 with the Post-War and Contemporary Day Sale.
Sotheby’s auction week in New York is similarly robust. The top lot is Alberto Giacometti's Grande tête mince (1954), a singular bronze portrait of his brother Diego, notable for its painted surface. It is expected to fetch $70 million during the Modern Evening Auction on May 13. Other highlights in the 65-lot sale include works by Georgia O'Keeffe, Pablo Picasso, Wassily Kandinsky, and Alexander Calder.
See also: The 10 Most Expensive Sculptures Sold at Auction
On May 14, the Modern Day Auction will feature works led by Rufino Tamayo, Henri Matisse, and René Magritte, each estimated in the seven-figure range. The spotlight on May 15 shifts to two single-owner collections: Selections from The Collection of Barbara Gladstone and Im Spazio: The Space of Thoughts (The Collection of Daniella Luxembourg). The day will culminate with The Now and Contemporary Evening Auction, featuring pieces by Jean-Michel Basquiat, Frank Stella, Robert Rauschenberg, and Gerhard Richter.
The week at Sotheby’s wraps up on May 16 with the Contemporary Day Auction.
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New York’s Marquee Week unfolds amid growing uncertainty in the art market, influenced by current political and economic challenges. Despite a broader downturn in contemporary art sales, demand remains strong for works with established provenance and well-curated single-owner collections.
