Market Watch: Market Editor Report February 2025
Image © Christie's / Couples © Louise Bourgeois 2001
Market Reports
Does January even need to exist? Or should we just merge it with February? That certainly seems to be the case in the art calendar - at least for us at MyArtBroker. But while the months may have felt like a blur, we kicked off the year in a big way.
We’re proud to have launched our official partnership with ArtTactic, hosted five live panel discussions, released an in-depth market report, and, of course, closely monitored the auction season. Instead of dwelling on Trump tariffs and their potential political ramifications for the art market - because, let’s be honest, that’s just depressing - this newsletter will focus on the New York sales of February and take a bold look ahead at the March auctions. I’ll even make some specific predictions about the lots we’re watching - so check back next week and hold me accountable when we roll out our auction reports!
A New Partnership: MyArtBroker x ArtTactic
We’re thrilled to announce our partnership with art research and analytics experts, ArtTactic. Our first market report, part of the Extremely Limited Series, focuses on David Hockney - the first of its kind to combine ArtTactic’s data on the originals market with MyArtBroker’s print market analysis.
Together, we have combined our expertise to produce a comprehensive 10-year retrospective, offering data-led insights into Hockney’s originals and prints - a first of its kind market analysis now available for purchase via ArtTactic, with an exclusive 40% discount.
To mark the report’s release, Lindsay Dewar hosted a live panel discussion, where I had the absolute pleasure to sit with Helena Poole (MyArtBroker) and Holly Braine (Annely Juda Fine Art), where we explored Hockney’s market trajectory, the nuances of collecting his works, and his lasting influence.
February New York Auction Trends: New Mediums and Complete Sets
February’s auction calendar brought notable shifts across Christie’s, Sotheby’s, and Phillips in New York, with changes in both format and location. Some sales traditionally held in London were relocated to New York, while auctions that typically took place in March were moved earlier in the year.
Beyond logistics, there was also a discernible shift in the types of works presented. Phillips, for example, featured a unique selection of flag designs from a 1980s outdoor Contemporary art exhibition off the Dutch coast in its Editions & Works on Paper Sale - a creative move that could signal either challenges in securing high-profile consignments or a deliberate effort to diversify offerings and engage new collectors in an evolving market. The sale ultimately performed well, achieving an $800,057 hammer, just above the low estimate and marking an impressive 33% increase from last year’s equivalent sale. Among its highlights was a series of flags designed by artists including Keith Haring and Bridget Riley. The project invited artists to design flags without a specific theme, symbolising unity, adding a refreshing and unexpected element to the sale.
Then, in a first time approach, Christie’s hosted a dedicated Andy Warhol sale - something I had predicted at the start of the year that one auction house would do for Warhol prints. However, I can’t take full credit just yet, as this particular sale involved a single complete set of Myths prints, all with matching edition numbers, which was then broken up and sold as individual lots.
This was a risky move, given the strong market appeal of complete Warhol sets, which can command millions, especially when edition numbers match. However, Christie’s clearly believed the individual prints would perform better separately, and their strategy paid off - if cautiously - by exceeding presale estimates.
This approach raises two key questions for me:
- Market control - By selling the prints individually, Christie’s preserved the rarity of complete matched-edition sets, ensuring that they remain scarce in the market.
- Auction timing - Why not offer the full set in the March auctions, where higher-profile consignments typically appear? Likely, they wanted to minimise risk, choosing instead to spread out demand and maximise results.
For context, the total hammer price for the sale was $660,000 for ten works, while the record for a complete Myths set remains £662,350 (2020).
Image © Phillips / Untitled, from Gran Pavese – The Flag Project © Bridget Riley 1988
Christie’s Leads February Sales with Online Success
The largest sale of the month was Christie’s New York Contemporary Edition, an online auction running from February 12–26. The sale totalled $1.4 million at the hammer, exceeding the low estimate by 22%. While this was 13% lower than last year’s live-format sale, it transacted 150 lots compared to 127, reflecting a higher volume of works entering the market.
Among the top works, the sale featured several lithographs by Louise Bourgeois, a rarity in print auctions, where male artists often dominate. While Bourgeois’ market is typically associated with sculptures, her 2001 lithographs attracted strong interest. The standout was The Song of the Blacks and the Blues (1995), which hammered at $13,000, surpassing its $12,000 high estimate.
Other highlights included Grayson Perry’s Selfie With Political Causes (2018), which - despite hammering below estimate - set a new auction record at $24,000, double its 2023 valuation. Jean-Michel Basquiat’s 1982 Anatomy prints also remained in demand, with Scapula hammering at $19,000, Ligaments Of The Elbow at $20,000, and Three Views of the Shoulder at $15,000 - each carrying a modest $8,000 high estimate in only their second-ever auction appearance.
Keith Haring’s market is looking strong in 2025, with Untitled (Man on Dolphin) (1987) achieving a new auction record at $28,000, nearly three times its $10,000 estimate. Similarly, Roy Lichtenstein is maintaining his high market momentum off a record year in 2024. Eight Lichtenstein prints were offered in this sale, and all either met or exceeded expectations. A trending series emerged from Lichtenstein’s Modern Head collection (1970s), with Modern Head #2 setting a new record at $22,000.
In Hockney’s print market, several rare etchings set new auction records. Homage to Michelangelo (1975) hammered at $11,000, more than double its high estimate, while Potted Daffodils (1980) achieved $28,000, exceeding expectations by 55%.
Sotheby’s New York Contemporary Curated Sale Shows Interest In Women Artists
Sotheby’s New York Contemporary Curated Sale premiered in live format on February 26, achieving a hammer total of $15.8 million - just 2% below the low presale estimate. This marks the lowest performance of this sale in the last two years, following $20.3 million in 2024 and $28.4 million in 2023, both of which were held in March instead of February.
One factor contributing to this decline was the significantly reduced lot count, which was cut by more than half compared to previous years. This could also reflect broader challenges faced by Sotheby’s, including last year’s layoffs and its revised and later reversed fee structure ultimately toying with consignor confidence. However, despite the overall dip in sales, several standout lots performed well, particularly among women artists.
- Joan Mitchell led the sale with an Untitled (1985) canvas from 1985, achieving $3.2 million.
- Bourgeois outperformed expectations with a unique etching, Are You in Orbit? (2008), which hammered at $725,000 - more than double its high estimate.
- George Condo’s Artist and Muse (2015), one of the works featured in Victoria Beckham’s flagship store presale, benefited from the exposure, selling at the high estimate of $1.5 million.
Haring’s yellow edition of Dog (1986) also performed strongly, achieving $320,000, while several unique works on paper - each with provenance tracing back to Tony Shafrazi Gallery, Haring’s first representation - brought in a combined hammer total of $980,000.
Christie’s Post-War to Present Sale Achieves $16.9M, Outperforming 2023 Results
Christie’s New York Post-War to Present sale debuted in a live format this February, shifting from its usual March schedule. The auction achieved a hammer total of $16.9 million, coming within 5% of last year’s results and 11% higher than 2023, indicating a relatively stable performance - especially compared to rival Sotheby’s.
The sale featured a mix of prints and paintings, with standout results across blue chip names. Hockney’s Gouache Drawing (1994) hammered at $430,000, while Ed Ruscha’s Pressures (1967), an oil on canvas, made its auction debut at $1.6 million. Gerhard Richter’s Farbfelder. 6 Anordnungen von 1260 Farben f (Blau-Rot-Gelb) (1974), from a small edition of just four, achieved a remarkable $55,000 - 3.6 times its high estimate, reinforcing the historical significance of these colour-grided works.
In the Contemporary market, Banksy’s Heavy Weaponry (2004) performed well, hammering at $95,000, closely aligning with its 2018 result of $110,000. Meanwhile, Haring’s Untitled (1981), an acrylic on paper, exceeded expectations, selling for $365,000 against a $250,000 high estimate. These results are quite impressive, showcasing strong bidding activity for both blue chip works and mid-tier pieces priced below the $1 million mark.
Sotheby’s Online Sale Falls 28% Below 2024 Hammer, While Christie’s Sees 23% Growth in New York Move
Sotheby’s New York Contemporary Discoveries online sale ran for ten days in mid-February, achieving a total hammer price of $4.4 million. While the sale saw a solid 85% sell-through rate, 37% of the lots failed to meet their presale estimates. Compared to previous years, the auction's performance was notably lower - 28% below the hammer total of 2024 and 6% below that of 2023.
Meanwhile, Christie’s First Open sale, which had been held in London for the past two years, took place in New York this time. The sale brought in a hammer total of $1.6 million, marking an 18% shortfall from its low presale estimate. However, in comparison to last year’s London edition, this year’s result was 23% higher (calculated on the current exchange rate), demonstrating a moderate improvement in demand despite broader market fluctuations.
Image © Sotheby's / Cosmic Eyes (in the Milky Lake) © Yoshitomo Nara 2005March Auctions Preview: Can Christie’s Maintain Its Lead as Market Pressures Mount?
With the first major auction sales of the year kicking off on Tuesday, all eyes are on London before the focus shifts to New York in May. While March auctions typically don’t feature the crème de la crème of consignments - those are reserved for the high-stakes May and November sales - these events still play a crucial role in setting the tone for the season. They will also provide key insights into London’s broader market position, which, unfortunately, is still waning in the wake of Brexit.
Auction houses are maintaining the same sale format as the past two years, with traditional day and evening sales. However, Sotheby’s - continuing its pattern of frequent strategic shifts, for better or worse - is scrapping The Now Sale and replacing it with a newly introduced Modern Day Auction. Looking at last year’s results, across six sales (two per house), the March London auctions generated a total hammer of £243.4 million - just 0.6% below the cumulative low presale estimate. Christie’s led the way, bringing in £126.7 million, and I predict the same outcome this year. The market remains tight, and sales will likely underperform 2024 results by 5-10%. Given Sotheby’s weaker performance in the recent New York sales (outlined above) and its apparent lack of consignor confidence, Christie’s seems poised to come out on top once again.
Phillips has slightly adjusted its sale structure this year, offering two more lots in the evening sale compared to last year but ten fewer in the day sale. However, the total low presale estimate for the evening sale is already 3% lower than the previous year. Even if all lots perform well, I anticipate a moderate outcome, with total sales for both the evening and day auctions landing within a [generous] 10% margin of last year’s combined results.
Crystal Ball March London Auction Predictions 2025
One of Sotheby’s key lots is Yoshitomo Nara’s Cosmic Eyes (in the Milky Lane) (2005), carrying an estimate of £6-8 million. It currently stands out as the only high-value lot with both house and third-party guarantees, making it a sure sale. Given the work’s condition, desirability, and added exposure from its display at Victoria Beckham’s Bond Street store, I expect it to hammer in the £6.2-6.5 million range.
Another piece which has the market talking is Banksy’s Crude Oil (Vettriano) (2005), consigned by Blink-182’s Mark Hoppus. With a celebrity provenance and a history of exhibition at Banksy’s infamous Crude Oils show, this work makes its first auction appearance. Banksy’s print market is currently soft, but rare original works still perform well. This lot has no house or third-party guarantee (as of yet), but it does accept crypto payments - an intriguing move. I predict it will exceed mid-estimates and hammer at the higher end of its £5 million estimate.
Beyond these highlights, other works to watch include Riley’s Daphne (1988), estimated at £1.2-1.8 million at Christie’s, where it carries a third-party guarantee. Large-scale Riley canvases are rare, and I expect this one to sell for around £1.5 million. Meanwhile, Painting with Vertices I (2006), estimated at $800,000-1.2 million, could see more aggressive bidding, potentially surpassing $1 million.
Christie’s will also feature a Hockney Yorkshire painting, and Phillips will feature a Basquiat and a Yayoi Kusama Pumpkin. As the week unfolds, we’ll be rolling out our full auction reports - so stay with us to see the results come in.
