Art Market Advisor Patti Wong Analyzes Auction Industry Shifts and Global Collector Trends

In an interview conducted in February 2026, art advisor Patti Wong discussed significant transformations in the auction sector. Wong, who established her own advisory firm after three decades at Sotheby's, observed increased discipline among auction houses and buyers following the post-pandemic period. She noted that auction institutions now exercise greater caution in setting estimates and selecting offerings, with fresh, rare, and historically significant works performing strongly. Houses have expanded into new regions like Saudi Arabia and diversified into categories such as automobiles, real estate, luxury goods, memorabilia, and dinosaur skeletons. Recent adjustments to buyer's premium structures have raised concerns about auction viability for high-value works compared to private sales, where commissions are negotiable. Wong highlighted competitive dynamics in estate consignments during the ongoing wealth transfer, where relationships with deceased collectors may not secure business against favorable terms offered by competing houses. Her client base includes global collectors, with Asian buyers showing increased maturity and confidence across broader price ranges and categories, including growing interest in Old Masters. Wong expressed optimism about the Middle East's emerging market potential, citing financial resources and cultural ambitions in Gulf countries, though she noted the region's collector base remains small compared to Asia's two-decade development trajectory.