Three Artworks Estimated at $100 Million Each Head to New York Auctions

Nearly $2 billion worth of art will come up for auction in New York over the next week. This marks the biggest test of the art market since the start of the Iran war. The major auction houses are relying on works from well-known collections to support sales amid geopolitical tensions and volatile financial markets.

Despite concerns about a slowing global economy and reduced participation from Middle East buyers, the market has shown a rebound that began last fall. Three works are estimated to sell for up to $100 million each, and more than 20 works carry estimates of $20 million or higher.

That total is more than triple the number of such high-value works offered last year. Sales for the three main auction houses are projected to total between $1.8 billion and $2.6 billion. At the midpoint of $2 billion, the figure would nearly double last year's total for the period.

Crowds viewing the works are reported to be the largest in nearly a decade.

The upcoming sales continue a recovery that started last fall after auction totals declined in 2023. Sellers had held back top works that year, reducing supply at the high end and leading some galleries to cut back or close. A series of major collections then came to market, prompting a snapback in sales.

Recent auctions in London, including one that achieved $175 million with all lots sold, showed strong bidding across price points. Advisors said the success of the New York sales will depend largely on a small group of high-value works from prominent collections.