New York – May 16, 2025 — Sotheby’s concluded a high-stakes trio of evening auctions on Thursday night, raking in a total of $186.1 million across 68 lots. The result landed near the upper end of the house’s projected estimate of $141 million to $204.9 million, signaling stability in the high-end art market despite a noticeable 18% dip from the $227.9 million achieved in the equivalent May sale last year.
Quality and Provenance Lead the Way
The event highlighted a growing divide in collector sentiment: steady enthusiasm for blue-chip artworks with strong provenance and tempered interest in younger or mid-career artists. Competitive bidding was especially prominent for works connected to notable collections or institutional acclaim.
Segment 1: Barbara Gladstone Collection Brings Strong Start
Opening the evening was a 12-lot sale from the estate of the late gallerist Barbara Gladstone, a towering figure in the contemporary art world. Unbacked by guarantees, the tightly curated selection nevertheless achieved a 100% sell-through rate, totaling $18.5 million, just surpassing the $17.2 million high estimate.
A pair of paintings by Richard Prince provided the financial backbone of the session, generating a combined $7.5 million. However, Prince’s Man Crazy Nurse (2002–03) sold for under $4 million—significantly lower than the $12.1 million record set in 2021.
Segment 2: Luxembourg Collection Delivers Energy and Results
Next came a 15-lot auction from the private collection of veteran dealer Daniella Luxembourg, with a distinct emphasis on postwar Italian masters. Every work was guaranteed, and the segment sparked some of the evening’s fiercest bidding.
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Lucio Fontana’s Concetto spaziale, La fine di Dio (1963) led the pack, hammering at $14.5 million, squarely within its $12M–$18M estimate.
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Another Fontana sculpture, with a high estimate of $180,000, soared to $764,000 after competition from five bidders.
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Michelangelo Pistoletto’s Maria Nuda (1969) realized $2.7 million, nearly doubling its high estimate.
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Other strong results included Alberto Burri ($3.1M), Claes Oldenburg ($1.94M), and Pino Pascali, whose sculpture fetched $1.64M, nearly triple its estimate.
According to Roman dealer Mattia De Luca, the results reinforced that “when quality is high and pricing is right, great works perform—regardless of market uncertainty.”
Segment 3: The Now Sale Highlights Modern Icons and Rising Stars
The third and final leg of the evening focused on contemporary and emerging artists. Leading this sale was a 1981 Jean-Michel Basquiat piece, sold for $16.4 million including fees after spirited bidding. Backed by a guarantee and held in the same collection for 30 years, the work beat its $10 million estimate by a wide margin.
Other strong performances came from modern titans:
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Roy Lichtenstein's Bonsai Tree (1993) brought in $4.2 million, more than doubling its low estimate.
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Two additional Lichtenstein works sold within estimate at $5.5 million and $4.9 million.
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Ed Ruscha’s 1989 painting That was then this is now matched expectations at $8 million.
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Gerhard Richter’s abstract canvas hit $6.9 million, just shy of its $7 million high estimate.
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Andy Warhol’s Flowers (1964) sold for $4.1 million, doubling its high estimate.
Mixed Returns for Emerging and Mid-Career Artists
While a few younger artists saw breakout moments, overall results were inconsistent:
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Danielle McKinney’s Stand Still (2023) climbed to $280,000 with fees, smashing its $40K estimate.
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Yu Nishimura’s Across the Place (2023) reached $406,000, setting a new auction record.
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Ernst Yohji Jäger, Mohammed Samedi, and Rashid Johnson also exceeded expectations.
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In contrast, Michael Armitage’s $2.4M result and Barbara Kruger’s $787K sale stayed within or just above their estimate ranges.
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Frank Stella’s Adelante disappointed, landing at $7 million with fees, well short of its $10 million low estimate.
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The evening ended on a flat note as a Jacob Lawrence painting failed to sell.
Overall Market Mood: Cautious Optimism
Of the 41 lots in the Now sale, 23 came with guarantees, though two—works by Urs Fischer and Cecily Brown—went unsold. Despite some unevenness, Sotheby’s saw solid engagement throughout, particularly from American bidders, who made up a significant share of registrants, even for the Europe-centric Luxembourg collection.
Lucius Elliot concluded,
“We’re seeing signs of renewed strength in the market. Provenance, pricing, and quality remain key drivers—and tonight reaffirmed that well-curated collections continue to resonate with collectors.”
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