A version of this article first appeared in CNBC's Inside Wealth newsletter with Robert Frank, a weekly guide for the high-network-worthy investor and consumer. Register to receive future editions, directly to your inbox. The Kunstmarkt is about to take its biggest test since the November elections, with more than $ 1 billion work that will come under the hammer in New York next week. Christie's, Sotheby's and Phillips together offer 295 works for a low-end estimate of $ 952 million combined, according to ArtTactic. That would mark an increase of 2% compared to the spring auction of last year, and dealers and art advisers say that the final amount will probably be $ 1.1 billion. Every win would be a welcome change for a worldwide art market that has been in decline for two years. Despite strong stock markets in 2023 and 2024, higher interest rates and inflation -fears have exerted pressure on prices and sale. The auction houses and dealers blame the offer. They say that there has simply been no selection framework, such as the Paul Alle or MacKlowe collections of recent years, to attract bidders. And they say that living sellers stick to their top works until the prices return. Others say that the economic weakness in China, war in Ukraine and delay in Europe has reduced the number of large collectors who open their wallets for trophies. The current tariff uncertainty and recession fears can cause collectors to pause all major purchases. The headliner of the week is a Giacometti Bronze -Buste offered at Sotheby's for between $ 70 million and $ 90 million. Sotheby's also sells a collection of 40 works from the private collection of the famous artist Roy Lichtenstein. Christie's sells works from the collection of Louise and Leonard Riggio, who have built the Barnes & Noble Bookstore chain. The collection, which is expected to get more than $ 250 million, includes the “composition of Mondrian” with large red aircraft, bluish gray, yellow, black and blue “, probably for more than $ 50 million. It also contains a rare Picasso and Magritte. Christie's also sells works from the collection Anne and Sid Bass Trap on more than $ 60 million. Bonnie Brennan considering art in an uncertain world, and the sale is always a place where people are coming for a source of peace, “she said.” Unrest and rates “The last few weeks have been a real roller coaster. We are a market that thrives on stability, so these are times in which we try to navigate and provide our customers. One thing that works to our advantage is that in times of volatility people look at tangible lauses. Total ever. On the impact of the volatility of the stock market “we are sensitive to the markets. It would be inaccurate to say something else. But we don't see direct correlation. We study the markets and the history of the way our markets work on each other. Sometimes we are left behind. Given the volatility in the financial markets, many people have more safe in buying high -quality chip [art] work. It is a safer place to place their money. And that is why we feel very confident at the moment, especially because we work such a great blue chip. The global sale that we have even had since the rate announcement at the beginning of April, with great strength in Paris, gives me hope that if we can continue to fill the pipeline with a large selection, we will continue to see the demand. “About the problem of delivery” The range we have this year is so strong. We didn't have the same offer last year. We have no problem with the demand, it has always been a problem to present the offer to the global audience that we have. “January was a great kind of unlocking of the offer. I was busier in January than in the last 10 years. Then we went around the world for our sale, London in March, Hong Kong at the end of March, Paris in April – all those sales centers, we saw a real excitement.” About the $ 250 million len Riggio collection “Our Business is not just about art, it's about telling stories. And we feel so happy that this season we have such great stories to tell. The biggest story of the season will be the story of Len and Louise Riggio. I love it because it is an American story with his peddel.” You never knew what he was going to offer. We liked him to have in the sales room. He would offer on a dinosaur. He would bid on a Mondrian. And that real passion as a collector – someone did not tell Len what to buy. He came and saw and bought what really spoke to him right now. “In the next generations of collectors, we have to build the next generation of collectors to maintain our company. We have been around for 250 years, but we have to keep our future by ensuring that young people feel that we are relevant to them. How do we do that? We do that in what we are selling. The art of the one -year -old artists have started the category, so that we are the category, so a few years ago, with that category, with that category, with that category, with that category, with that category, with that category, with that category, with that category, with that category, with that category ago, with that category, with that category ago, with that category ago, with that category ago, with that category ago, with that category ago, with that category ago. Subjects, female artists were able to tell us. We have to bring them in through digital art and interrupt their path with perhaps some of the more traditional things. If we can encourage people to come here instead of tiffany's, say to buy a ring, and on that path to buy an engagement ring or buy a price point. Build the garden of a future collector. “On the worldwide map of the question” We will see this strength from America. America is very much the backbone. Almost half of our company comes out [the U.S.]. But we have to stay focused on Asia. Asia is usually between 20% and 30% of our turnover. I think we may see an increased activity from Europe because of the strength of the euro and the pound against the dollar. There may be perception that things are a little discount for them in the sale of May. “About the sale of celebrities”, one of the categories that is most surprising to me, is musical instruments, the passion for guitars. Jeff Beck, David Gilmour, Mark Knopfler. All those sales have introduced us to a new audience of buyers. I really see the power of celebrity, which has been in place for a long time, as an opportunity to do so many things we want to do. We want to get acquainted with a wider audience. We want to respond to what younger buyers want. “
A version of this article first appeared in CNBC's Inside Wealth newsletter with Robert Frank, a weekly guide for the high-network-worthy investor and consumer. Register To receive future editions, directly to your inbox.
The Kunstmarkt is about to take its biggest test since the November elections, with more than $ 1 billion work that will come under the hammer in New York next week.
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