The New York Gigaweek 2025 – Analysis of a Historic Art Auction Week

A Market Report on the Most Significant November Week Since 2022:

The November Gigaweek 2025 marks a turning point in the global art market. With total sales of USD 2.13 billion across all major houses, it not only achieved a spectacular comeback compared to 2023 (+41%) but also secured the second-strongest result since the record year of 2022. The driving force behind this development was an unprecedented concentration of high-quality collections, led by the Leonard Lauder Collection at Sotheby's and the Edlis-Neeson Collection at Christie's.

1. Sotheby's Dominates – Record Numbers at the New Breuer Headquarters

Sotheby's set the tone for the week, delivering a result that electrified the industry: USD 1.17 billion in sales, a 94% sell-through rate in categories above USD 500,000, and an average estimate beat of +22%. The Breuer building, used for a major auction for the first time, proved to be more than just an architectural stage: its acoustically optimized structure and dramatically staged salesroom created an almost theatrical tension, driving bidders to peak performance. The Leonard Lauder Collection was the centerpiece—55 works, totaling over USD 400 million, curated with museum-like precision. The absolute highlight and a market milestone was:
Gustav Klimt's "Portrait of Elisabeth Lederer"
USD 236.4 Million
→ World record for Klimt
→ Most expensive work ever sold at Sotheby's
→ 2nd most expensive artwork of all time
The 20-minute bidding war—involving four contenders, including two Asian clients—was conducted with perfect rhythm by Oliver Barker and is already considered a masterclass in auctioneering.

Other Highlights at Sotheby's:

• Frida Kahlo, "El Sueño (La cama)" – USD 54.7 million (Record for the artist and any Latin American artist)

• Vincent van Gogh, Still Life – USD 62.7 million, sold to an Asian collector

• Max Beckmann, "Der Wels" – USD 9.2 million, far exceeding expectations

• Maurizio Cattelan, "America" (Gold Toilet) – approx. USD 10 million, sold to Ripley's Believe It or Not!
  With this week, Sotheby's has reclaimed its position as a strategic market leader—not just through volume, but through high-level curation, global guarantees, and precise auctioneering.

2. Christie's – A Strong, Dynamic Week with USD 965 Million in Sales

Christie's had an impressive week with USD 965 million, which corresponds to a 21% beat on estimate and a 92% sell-through rate. The house focused on proven categories—especially the Edlis-Neeson Collection, one of Chicago's taste-making collections.
Defining moments included:

• Mark Rothko, "No. 31 (Yellow Stripe)" → USD 62.1 million (notable for having the highest pre-sale online bid in the company's history)

• Christopher Wool, "RIOT" (1990) → USD 20 million, the fourth-most expensive Wool ever

• Cindy Sherman, "Untitled Film Still #13" (1978) → USD 2.2 million (a spectacular jump from USD 900,000 in 2008)

• Olga de Amaral, "Pueblo H" → USD 3.1 million (a record, supported by Fondation Cartier resonance)

• Diego Giacometti, Furniture Ensemble → USD 12 million, significantly above estimate
  The collection felt like a time capsule from the 1970s/80s, and the pricing demonstrated clear market logic: prices were not pushed to old prestige levels where they were no longer justified, but top-tier pieces were pursued aggressively.

3. Phillips – Stable, Transparent, and Surprisingly Successful

Phillips achieved USD 186 million, posting nearly identical performance to 2024—but with significantly higher market stability. Priority Bidding, which secured 70% of lots before the auction, replaced classic guarantees and proved to be a modern, stress-free model.
Standouts included:

• Francis Bacon, "Study for Head of Isabel Rawsthorne and George Dyer" (1967) → USD 16 million

• Joan Mitchell, "Untitled" (1957–58) → USD 14.3 million

• Mark Tansey, "Revelever" → USD 4.6 million

• Ruth Asawa (2 works) → approx. USD 1 million each
  The Triceratops fossil "Cera" was sold with a Third-Party Guarantee; the sum is confidential. The sell-through rate of 94% shows that Phillips has successfully maintained its place in the premium segment.

4. Bonhams – Small, but with Momentum

Bonhams delivered USD 28 million—a solid result in a transitional year before its move to the new building at 111 West 57th Street (opening 2026).

• Wayne Thiebaud, "River Sides" → USD 2.4 million

• Yves Tanguy → USD 1.8 million (aggressively pursued by the Nahmad clan)

• David Hockney → USD 1.39 million

• Jeff Koons → USD 1.35 million
  The direction is right: Bonhams is increasingly positioning itself as a boutique house with a precise focus.

Long-Term Development 2019 - 2025

Source: Artnet

The recovery after the market correction of 2023/24 is almost complete—the market is now only 13% below the all-time high of 2022.