Christie’s kicked off a pivotal week of modern art auctions in New York with a combined total of $489 million from its 20th Century Evening Sale and the Riggio collection auction, held on May 12, 2025. While the results are solid, they reveal a cautious art market grappling with economic uncertainty and shifting collector behavior, as reported in recent industry updates.
Highlights from the 20th Century Evening Sale
The 20th Century Evening Sale showcased several standout lots, reflecting resilience in specific segments of the market. A rare Piet Mondrian painting from 1922 fetched $47.6 million, falling short of its record but still marking a strong sale for the modernist master. One expert noted, “It’s a fantastic picture, but the market at those very high levels is quite tricky,” capturing the cautious sentiment among high-end buyers. Meanwhile, Gerhard Richter’s Korsika (Schiff), one of his first color landscapes, soared to $15.2 million after intense bidding both in the room and over the phone. Marc Chagall’s vibrant La joie au cirque also performed well, realizing $3.5 million, adding a splash of color and energy to the evening.
However, not all lots met expectations. A Lucio Fontana painting, which sold for nearly $14 million in 2017 (equivalent to $17.4 million adjusted for inflation), returned to Christie’s but sold for just $7.5 million, including fees. This significant drop underscores the market’s current hesitancy, particularly for high-value works that previously commanded premium prices. 
The Riggio Collection: A Mixed Outcome
The Riggio family collection, amassed by the founders of the Barnes & Noble bookstore chain, was a focal point of the auction week. Despite high hopes, the sale saw lackluster bidding, with little excitement in the room. The collection contributed to the overall $489 million total, but the muted response raised concerns about the art market’s health. Alex Rotter, Christie’s global president, described the results as “the art market in the real world,” suggesting a pragmatic view of the current climate where guarantees and adjusted estimates are increasingly necessary to secure sales.
A Market in Transition
These auctions come at a time when the art market is navigating significant challenges. Modern and contemporary auctions across major houses this spring are estimated to bring in $1.1 billion to $1.5 billion—the lowest total estimate for spring sales since 2010, and roughly $250 million below May 2024 figures, according to industry observers. The cautious bidding at Christie’s reflects broader trends: collectors are prioritizing value and stability, favoring mid-tier works over speculative high-end purchases. This aligns with earlier 2025 reports showing a 12% drop in global art sales in 2024, with high-end sales particularly affected.
Yet, there’s a silver lining. The $489 million total, while not groundbreaking, demonstrates Christie’s ability to achieve steady results in a tepid market. The success of lots like Mondrian’s and Richter’s indicates that quality works with strong provenance can still command robust prices, even in uncertain times.
Looking Ahead
As the week progresses, all eyes are on Christie’s upcoming sales, including Live Auction 23458 and Live Auction 23459, both scheduled for May 13 in New York. These auctions will further test the market’s resilience, particularly as geopolitical tensions and economic uncertainties continue to loom. For collectors and investors, the message is clear: in today’s market, strategic buying and a focus on value are key.
Christie’s results this week offer a snapshot of an art market in flux—cautious yet capable of moments of brilliance. What are your thoughts on these auction outcomes? Share your insights below!
