With Guarantees Galore, Christie’s Has a Rocky Start to Auction Week

The highly anticipated auction at Christie’s in New York on Monday evening was somewhat lackluster, with many items presold and a noticeable absence of enthusiastic buyers. Economic uncertainty surrounding President Trump’s tariffs was cited as a factor affecting the global art market.

The collection of nearly 40 works from Louise Riggio, built with her late husband Leonard Riggio, saw mixed results. While the 20th Century Evening Sale fared better, the main auction struggled to meet expectations. The auction house had guaranteed minimum amounts for the collection and worked to mitigate risk by securing pre-sale bids from outside buyers.

The top lot of the sale was a Mondrian painting that sold for $47.6 million, below expectations. The auctioneer faced challenges finding bidders for some items, reflecting a cautious market. Despite some successful sales, the overall atmosphere was subdued.

The subsequent 20th Century Evening Sale exceeded expectations, but a setback occurred when a high-value Warhol painting was withdrawn. Despite uncertainties in the market, paintings by Richter, Van Gogh, and Frankenthaler fetched high prices, indicating ongoing demand.

A Monet painting sold for nearly $43 million, signaling a positive turn in the market. However, not all sales were as successful, with some artworks selling below previous prices. Christie’s leadership expressed satisfaction with the results but acknowledged the need for continued effort in navigating the evolving market landscape.