How Christie’s Rocky Start to Auction Week is Boosted by Unmatched Guarantees

On a recent evening at Christie’s in New York, art lovers gathered for an auction that didn’t quite meet expectations. Many items were sold ahead of time for set bids, leaving little excitement in the room. The lingering uncertainty over economic issues, including President Trump’s tariffs, has many wondering about the future of the global art market.

One notable collection featured around 40 pieces from Louise Riggio, donated by the late Barnes & Noble founder, Leonard Riggio. While this sale generated $272 million in total, including fees, it still fell short of the auction house’s hopes, which had set a low estimate of $252 million.

In contrast, the second auction, the 20th Century Evening Sale, saw more lively bidding. Here, buyers seemed more enthusiastic, with several artworks selling for higher than expected prices.

At the Riggio sale, one of the highlights was a piece by Piet Mondrian. The painting, “Composition with Large Red Plane, Bluish Gray, Yellow, Black, and Blue,” went for $47.6 million, which, although impressive, missed the record of $51 million from just a few years ago. This paints a picture of past highs in the art market and how current economic fears might dampen what were once soaring sales.

As social media reactions pour in, many are discussing how these auctions reflect broader trends in art investment, especially amid economic uncertainty. While the love for art remains, people are becoming more cautious about their spending.

This auction serves as a reminder of how external factors can influence even the most prestigious markets. For a deeper dive into this issue, check the reports from Art Market Monitor and see how trends are evolving.

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