The Art Newspaper publishes a review of the results of the New York contemporary art sales

The Art Newspaper has published a review of the results of the New York contemporary art sales. According to the analytics platform Pi-eX, the combined revenue of Sotheby’s, Christie’s and Phillips came to $1.27 billion, 8% less than last year.

The star lot of the season, a bronze bust by Alberto Giacometti from 1955 valued at $70 million, failed to sell, while an Andy Warhol silkscreen with an estimate of $30 million was withdrawn on the eve of the Christie’s sale.

Only recently the former president of Christie's, Guillaume Cerutti, was quite optimistic, asserting that downturns in the contemporary art market had never lasted longer than two years. But in the opinion of The Art Newspaper, 2025 will most probably be the third consecutive year of decline.

Collectors remark that the price of art is too high, and that the number of people prepared to pay tens of millions for museum-quality works is dwindling.