Six Key Artists Could Signal the Future of the Art Market

Every May, the spring auctions for modern and contemporary art arrive with a fanfare of paintings often carrying price estimates exceeding $50 million, reflecting strong confidence among the world’s wealthiest collectors who treat these works as financial assets.

However, this once thunderous anticipation has softened in recent years as top auction houses adjust to an art market unsettled by economic turbulence and new obstacles, including tariffs.

Among the many artworks offered this season—featuring names like Picasso, Basquiat, Magritte, and Matisse—only a few surpass the $50 million mark: a 1955 bust by Giacometti estimated above $70 million, and a Mondrian piece that could set a new record at around $50 million.

Without the sensational headline-grabbers such as extravagant estates, novelty artworks, or crypto-inspired pieces, auction houses are returning to more traditional selections. This shift comes amid layoffs, efforts to attract external investors, and a 20 percent sales decline that has reduced global art market revenues to $57.5 billion.

Art advisor Jacob King from New York notes, "The segment of the market above $5 million is currently very subdued. Pieces that would typically appear in day sales are now making their way into evening auctions."

Despite these hurdles, leading auction houses Christie’s, Sotheby’s, and Phillips in New York remain optimistic, collectively estimating their sales between $1.2 billion and $1.6 billion for the week.