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.

, who died in 2017. The top lot is a 1913 sculpture by Constantin Brancusi titled "Danaide," estimated at $100 million. A large Jackson Pollock drip painting, "Number 7A, 1948," carries the same estimate. Another collection from the late Agnes Gund includes a Mark Rothko painting, "No.

15 (Two Greens and Red Stripe)," estimated at $80 million. A separate collection features a Rothko titled "Brown and Blacks in Reds" with an estimate ranging from $70 million to $100 million. Advisors noted that provenance from well-known collectors commands increasing premiums.

The Middle East represents a variable for the auctions.

Governments and royal families in Saudi Arabia, Qatar and the United Arab Emirates have purchased art in recent years to build museum collections. Some observers have questioned whether the Iran war will shift their spending toward domestic priorities.

Dealers reported that buyers from the region have primarily participated in private sales rather than public auctions. Several stated that leaders in the region remain committed to developing cultural institutions as part of economic diversification efforts.

American buyers have driven most global art market activity in recent years. Many top works carry third-party guarantees or irrevocable bids that set minimum prices. The chairman and founder of one art advisory firm said such arrangements reduce risk for both sellers and auction houses.

"We advise our clients to take guarantees," he said.