Christie’s Auction Week Opens with Tepid Demand Despite Strong Guarantees

The atmosphere at Christie’s auction on Monday evening was notably subdued, marked by restrained bidding and quiet phone lines.

Despite high expectations, the sale of the Riggio family’s art collection in New York failed to ignite the enthusiastic bidding frenzy that characterized the market’s peak last year. Industry observers attributed the tepid response in part to ongoing economic uncertainties, including concerns over tariffs and their potential impact on the global art trade.

Louise Riggio presented nearly 40 pieces from the collection amassed with her late husband Leonard Riggio, the founder of Barnes & Noble. Another auction held the same evening, focusing on 20th-century art, saw stronger results with several lots exceeding estimates and more active bidding both in the room and on the phones.

Christie’s had guaranteed the consignors a confidential minimum amount for the entire collection and worked intensively in the days leading up to the sale to mitigate its own risk. This involved securing pre-sale bids from outside buyers on individual works by modern masters such as Piet Mondrian, Pablo Picasso, and Alberto Giacometti.

While the Riggio collection’s total grossed $272 million including buyer’s premiums, this figure fell short of Christie’s initial low estimate of $252 million once fees were excluded.

At one point, auctioneer Adrien Meyer struggled to attract bidders for a lower-priced item—a terra-cotta vase by Picasso—which ultimately sold within its estimated range for $567,000 including fees.

The standout lot of the Riggio sale was Mondrian’s 1922 grid painting that once adorned the entryway of the couple’s Park Avenue apartment. It fetched $47.6 million with fees but did not surpass the artist’s auction record of $51 million set three years ago.