New York Art Week to Test Market Momentum with $1.8B in Auctions and Six Fairs

Kicking off on May 12, New York Art Week features six fairs, with Frieze New York leading the way, opening to VIPs at the Shed on May 13, showcasing 68 galleries, half of which are from New York. An impressive $1.8 billion worth of art will be up for auction, beginning at Sotheby's on May 14, where Robert Mnuchin's Mark Rothko piece 'Brown and Blacks in Reds' (1957) has an estimated value of $70–100 million. Sotheby’s anticipates a total low estimate of $690.4 million for the week, approximately 70% higher than last year's total. Advisor Megan Fox Kelly highlighted market confidence, while dealer Margot Samel noted a 'practical shift' among dealers due to increased shipping and travel costs. The alternative fair Esther, running May 12–16 at the Estonian House, will feature 60% New York-based exhibitors, up from 30% in 2025, and will conclude with a Eurovision watch-party on May 16. TEFAF New York is scheduled for May 15–19 at the Park Avenue Armory. Fox Kelly remarked that clients are now looking for affirmation about artists rather than making impulse buys, with May's sales set to test the market's resilience following November's auction indicators.