New York Spring Auctions Hit Record Highs but Market Euphoria Limited to Top Tier

The New York spring auctions saw record-breaking prices, led by Jackson Pollock's 'Number 7A' which sold for $181.2 million at Christie's, making it the fourth most expensive artwork ever auctioned. The painting, from the collection of late Condé Nast publisher S.I. Newhouse, was estimated at $100 million and sparked a ten-minute bidding war. Christie's also sold Constantin Brâncuși's 'Danaïde' for $107.585 million, though it required a third-party guarantee. All 16 works from the Newhouse collection sold, totaling $630.8 million with fees, contributing to Christie's overall evening sales of $1.1 billion. Sotheby's opened the season with Mark Rothko's 'Brown and Blacks in Reds' from the estate of dealer Robert Mnuchin, fetching $85.8 million. Eleven works from that source brought $166.3 million, and the contemporary auction totaled $433.1 million. Pablo Picasso's 'Arlequin (Buste)' sold for $42.6 million. Phillips sold all 40 lots for $115 million, double the previous year, including a small Pollock drip painting for $9.168 million and Andy Warhol's 'Sixteen Jackies' for $15 million. Young artist Joseph Yaeger's work sold for $477,000 against a $60,000 estimate. Despite these highs, the broader art market remains subdued, mirroring the stock market where only top segments thrive while middle and working classes face inflation.