-
The art market had a brutal 2024, with global sales declining 12 per cent by value, according to a new report by Art Basel and UBS. The report comes at a time when the art market is bracing itself for a potentially devastating blow from global tariffs and collapsing equity markets, which could rock its increasingly shaky foundations.
“There are some signs in the US that politics has perhaps started to play a role in exercising a degree of caution in the market,” Mr Donovan says. “You are not going to react to every fluctuation in the equity market, but where you get a more profound concern (is a) question about liquidity in the future: ‘Can I really afford to use this money to go out and buy this piece of art? Maybe we need that for expenses if there’s an economic downturn.’”
The report also articulates an industry under pressure. The price of doing business has risen for galleries in particular, with 43 per cent of them reporting they were less profitable than the year prior, an 11 per cent increase since 2022.
Of particular note, given that this report is published by the art fair Art Basel, it details art dealers’ increasing displeasure with art fairs.
“Much of the discussion and comments from dealers in the survey and interviews concerned the rapidly escalating costs of art fairs,” the report reads, quoting one anonymous dealer, who says: “The number of people at fairs is increasing. However, the number of buyers is actually decreasing.”
The fair model does not appear to be thriving either. From 2020 to 2023, 129 fairs ceased operations, the report says, while only 39 started in the same period. In 2024, 31 fairs closed, and just two began.
Even though the report was compiled before tariffs were dominating headlines, dealers and auction houses were already glum about their 2025 prospects.
Only 19 per cent of the largest dealers thought sales would improve this year. Overall, 47 per cent of all dealers were hoping for a stable year; 33 per cent thought sales would improve (down 3 per cent from a year earlier); and 19 per cent anticipated they would fall (up 3 per cent year over year). At mid-tier auction houses, only 15 per cent of respondents anticipated improved sales; 40 per cent forecast a decline.
“I like to be able to say positive things, but this is the market we’re in at the moment,” Dr McAndrew says. “Maybe it will surprise us and turn around again.
The pain was spread across borders. Sales in the United States fell 9 per cent by value year over year. In China, they fell 31 per cent, to the lowest level since 2009. Sales in France declined 10 per cent, Germany 4 per cent, Italy 10 per cent and South Korea 15 per cent.
This marks the second down year in the art trade, which continues to struggle with something akin to an identity crisis.
Collectors have bridled at what they perceive to be inflated prices; enthusiasm has foundered amid perceptions of a directionless contemporary market; and buyers have turned away from many “hot” artists, who just a few years ago, had seemed inviolable.
The only unvarnished good news in the report comes via transaction volume, which was up 3 per cent year over year, driven by what the report outlines as lower-priced objects in the low six figures or below.
“What we’ve been seeing is the ongoing process of what I would characterise as democratisation in the art market,” says Mr Paul Donovan, chief economist at UBS Global Wealth Management. “The number of sales is going up, but the value of sales is not going up in the same way.”
Collector turnover
However diminished, about US$58 billion (S$78 billion) of art was sold in 2024, says Mr Noah Horowitz, chief executive of Art Basel. “That’s a lot of art.”
One indication could be collector turnover. Even as art dealers collectively sold 6 per cent less by value than in 2023 (which, in turn, was down 3 per cent from the year before), 44 per cent of the people they sold to were new to their business – which could indicate that a potentially significant chunk of their previous clientele was no longer buying.
“This plays directly to the reality of where the market is,” says Mr Horowitz. “A lot of the collectors who set the pace of the market in a 30-year arc – some of them are passing away, others are not collecting with the same aplomb that they once were, and their children are doing slightly different things.”
The report quotes one anonymous dealer who says “existing young collectors are no longer buying paintings”, and adds: “With the bursting of the Contemporary art bubble, there is a high reliance on older collectors who prefer Modern and Post-war art… (but) many of these collectors are in their 60s and 70s, so I am worried about what the art scene will look like 10 years from now.”
The bottom’s up
When new people do buy new art, it seems they are unwilling to spend as much as their predecessors.
Auction houses’ public and private sales were down 20 per cent by value, but sold 4 per cent more by volume year over year. At the high end, the number of fine art works that sold at auction for over US$10 million plummeted 39 per cent year over year. Sales values in that price category also declined 45 per cent. The total value of the top 50 works sold at auction declined 30 per cent year over year.
It was the same story at galleries, which sold a median of 75 works in 2024, the same as the year prior. And yet, the top end was not delivering that stability. The world’s biggest dealers saw an average of 89 high-end buyers in 2024, down from 164 in 2023.
These same dealers reported that one-third of their sales were in the sub-US$50,000 segment; 60 per cent were for less than US$250,000. Just 2 per cent of all dealers’ transactions took place over US$1 million, down from 4 per cent in 2021.
The industry looks ahead
The report comes at a time when the art market is bracing itself for a potentially devastating blow from global tariffs and collapsing equity markets, which could rock its increasingly shaky foundations.
“There are some signs in the US that politics has perhaps started to play a role in exercising a degree of caution in the market,” Mr Donovan says. “You are not going to react to every fluctuation in the equity market, but where you get a more profound concern (is a) question about liquidity in the future: ‘Can I really afford to use this money to go out and buy this piece of art? Maybe we need that for expenses if there’s an economic downturn.’”
The report also articulates an industry under pressure. The price of doing business has risen for galleries in particular, with 43 per cent of them reporting they were less profitable than the year prior, an 11 per cent increase since 2022.
Of particular note, given that this report is published by the art fair Art Basel, it details art dealers’ increasing displeasure with art fairs.
“Much of the discussion and comments from dealers in the survey and interviews concerned the rapidly escalating costs of art fairs,” the report reads, quoting one anonymous dealer, who says: “The number of people at fairs is increasing. However, the number of buyers is actually decreasing.”
The fair model does not appear to be thriving either. From 2020 to 2023, 129 fairs ceased operations, the report says, while only 39 started in the same period. In 2024, 31 fairs closed, and just two began.
Even though the report was compiled before tariffs were dominating headlines, dealers and auction houses were already glum about their 2025 prospects.
Only 19 per cent of the largest dealers thought sales would improve this year. Overall, 47 per cent of all dealers were hoping for a stable year; 33 per cent thought sales would improve (down 3 per cent from a year earlier); and 19 per cent anticipated they would fall (up 3 per cent year over year). At mid-tier auction houses, only 15 per cent of respondents anticipated improved sales; 40 per cent forecast a decline.
-
Guy Ullens, a Belgian billionaire who built up one of the most important collections of Chinese contemporary art in the world, has died at 90. The news was announced on social media by the UCCA Center for Contemporary Art in Beijing, which Ullens had cofounded. The museum did not provide a cause.
“As one of the earliest international collectors to champion Chinese artists, Ullens helped bring global recognition to Chinese artists and their work,” the UCCA said on Instagram. “His dedicated efforts also shaped the foundation for UCCA’s growth into the institution we are today, in China and globally. … We remember him with deep respect and gratitude. His legacy endures—in the institutions he founded, the artists he championed, and in the communities he helped build—and will continue to shape and inspire UCCA’s work and mission.”
With his late wife Myriam, Ullens would go on to buy important works by Liu Xiaodong, Liu Wei, Zeng Fanzhi, Huang Yong Ping, Wang Keping, and more, often for relatively low prices. His collection would eventually comprise between 1,500 and 2,000 works, with much of it stored in Geneva. The couple ranked on the Artnews Top 200 Collectors list each year between 2008 and 2015.
In 2007, the couple established the Ullens Center for Contemporary Art in Beijing’s 798 Art Zone as a private museum for their collection. The institution can be partially credited with setting off a wave of private museums that sprung up in China in the decade that followed.
The Ullenses sought a buyer for their museum in 2016, selling it to Chinese investors in 2017. The institution was then renamed the UCCA Center for Contemporary Art.
In addition to supporting artists, Ullens also helped establish a secondary market for Chinese contemporary art, selling works from the collection over the years, including in 2017, when when he and his wife auctioned off 50 works. One such consignment, Zeng’s The Last Supper for $23.3 million at Sotheby’s Hong Kong in 2013, setting the auction record for contemporary Asian art at the time. The reason they gave: to buy more art.
“Our job as collectors is to promote young artists,” Ullens told the the Press. “I want my art to give me goose bumps. When I get them, I know it’s something good.”
His importance for promoting Chinese contemporary art will be well remembered.
-
Sarah SZE at Gagosian in Hong Kong
Mar. 25–May 3 2025Overstimulation is at the heart of American artist Sarah Sze’s new mixed-media paintings, featured in a solo exhibition at Hong Kong. These works at Gagosian Hong Kong continue Sze’s explorations of new technology and our relationships with images in the digital age. “Images and their authorship are always in flux,” the artist said in a statement. “We build, rebuild, and trade images like never before.”
Sze’s new paintings take elements from her previous paintings, which she obscures with collaged paper, dripping brushstrokes of neon pink paint, and various other materials and methods. Forever Now (2025), for instance, features a base image of a city skyline against a waterfront. Sze has altered the original image by adding snowy mountains that cover the entire right side of the canvas. Streaks of blue, silver, and pink paint cross the canvas and pasted images of a wolf and a bird are superimposed on its surface.
The density of these paintings contrasts with Sze’s “Fracture Image” hanging sculptures, which feature images printed on paper and suspended from the ceiling. Evoking the playfulness and soothing qualities of a baby’s mobile, these works offer a reprieve from the visual assault of the artist’s new paintings.
-
Shenzhen-born artist Yuan Fang’s ‘curves’ paintings are sought after by galleries in New York, London, Shanghai and Sydney; now the 28-year-old is coming to Hong Kong to show the works that have mesmerised the art world
Overlapping curved strokes evocative of turbulent winds or oscillating waves, painted in vibrant shades of red, purple and ultramarine with an outburst of energy similar to that of abstract expressionist Jackson Pollack, these characteristics have come to be a signature of Yuan Fang’s paintings.
She may have only started her art career in 2018, but the 28-year-old, Shenzhen -born painter has already exhibited around the world: Skarstedt Gallery in London, New York’s Half Gallery, Nerman Museum of Contemporary Art in Kansas, Beijing’s Hive Center for Contemporary Art, Foshan’s He art Museum and Sydney’s Coma Gallery, to name a few. Last year, she became the youngest person to have a solo show at Shanghai’s Long Museum, the largest private museum in mainland China. In 2023, Fang, a graduate of The School of Visual Arts (SVA) in New York, sold a 2022 painting titled Expanse (Mask) for US$88,900 (about HK$700,000). A year later, she made it onto Forbes Asia’s 30 Under 30 list for her achievements in and influence on the art world.
This month, she is set to head back to Asia to showcase works in Hong Kong. She will exhibit five large-scale oil and acrylic paintings, as well as two drawings on paper, created between 2021 and 2024, at Tatler’s ARTable, an event co-hosted by DBS bank and Tatler celebrating the visual and culinary arts. Later in March, her works will be presented at Art Basel Hong Kong.
“It’ll be a broad range of works. I want to give people a more comprehensive understanding of my practice,” Fang says. “My works are abstract and contain a lot of layers, curved lines and shapes. I want to use the interaction between each layer in the painting to dictate a turbulent, chaotic relationship between them to create a metaphor for the living condition of human being. That’s the whole concept of my art.”
Fang’s style is a far cry from previous generations of Chinese-born, New York-based modern artists, such as Xu Bing, Wenda Gu and Zhang Hongtu. Their works are imbued with stories about the Chinese diaspora, memories of the country’s political history or influences of traditional Chinese styles, such as ink art and calligraphy. A mix of eastern and western aesthetics and concepts, their creations offered the western art market in the 1980s and 1990s a glimpse of the Chinese identity.
But Fang, who has been based in New York for the last ten years, decided that she would forge her path a little differently. “I don’t want to brand myself too much as a Chinese artist here, because I’m not really into playing the identity politics game,” she says, referring to how there can sometimes be more focus on a Chinese artist’s heritage than their art.
“In terms of art, I’m like a ‘banana’,” she says, using a colloquialism that refers to someone who is of Asian heritage and had a western-style upbringing. “I had all of my art education outside China. So when I was in Shanghai for Art Week last November, I felt unfamiliar with the setting, artists and galleries. I felt like a foreigner. But when I’m back in New York, I feel like I belong in the art scene here more than when I’m in China.”
Traces of abstract expressionism can be observed in her works, and Fang further draws inspiration from her life and the world around her to create her unique style. “I’m just trying to create a contemporary, new version of abstract paintings,” she says.
The curves are a recurring motif in her work, but that is all she knows she’ll use when she begins. “I don’t start with a sketch; I’m spontaneous and improvise when I paint. There are a lot of unpredictable factors in the process, which I find [reflective of ] the world we’re living in: there are wars going on; and three years ago, there was the pandemic. So we don’t really know what’s going to happen in the future,” she says. “My work conveys these uncertainties.”
-
With great sadness we announce the passing of Mel Bochner on February 12, 2025. Bochner was a pioneering figure in 20th-century American art who used language and mathematics to challenge conventional artmaking techniques and the systems that structure our world. He was 84 years old.
Bochner was recognized as one of the leading figures in the development of Conceptual art in New York in the 1960s and 1970s. Emerging at a time when painting was increasingly discussed as outmoded, Bochner became part of a new generation of artists which also included Eva Hesse, Donald Judd, and Robert Smithson - artists who, like Bochner, were looking at ways of breaking with Abstract Expressionism and traditional compositional devices. His pioneering introduction of the use of language in the visual, led Harvard University art historian Benjamin Buchloh to describe his 1966 Working Drawings as ‘probably the first truly conceptual exhibition.'
Bochner came of age during the second half of the 1960s, a moment of radical change both in society at large as well as in art. While painting slowly lost its preeminent position in modern art, language moved from talking about art to becoming part of art itself. Bochner has consistently probed the conventions of both painting and of language, the way we construct and understand them, and the way they relate to one another to make us more attentive to the unspoken codes that underpin our engagement with the world.
-
Controversial Open Letter Calls on Christie’s to Halt A.I. Auction
The missive said the sale incentivizes the "mass theft" by A.I. companies of artists' works.Thousands of artists have signed an open letter opposing Christie’s forthcoming all-A.I. auction, expressing “serious concern” over how the works on offer were created.
Launching on February 20, “Augmented Intelligence” is the first Christie’s auction to comprise entirely of artworks created with artificial intelligence (the auction house was also the first to sell an A.I. artwork in 2018). Artists featured in the sale include Alexander Reben, OpenAI’s first artist-in-residence, the husband-and-wife duo of Holly Herndon and Mat Dryhurst, Pinder Van Arman, Refik Anadol, Claire Silver, Linda Dounia, and Harold Cohen, best known for his pioneering A.I. program AARON.
The open letter, however, objects to “many of the artworks” in the sale that it says “were created using A.I. models that are known to be trained on copyrighted work without a license.” It did not specify which works it found to be at issue.
“These models, and the companies behind them, exploit human artists, using their work without permission or payment to build commercial A.I. products that compete with them,” the letter added.
The missive—which is addressed to Nicole Sales Giles and Sebastian Sanchez, Christie’s VP and digital art director and manager of digital art sales respectively—urges Christie’s to cancel the auction, “if you have any respect for human artists.”
“Your support of these models, and the people who use them,” it reads, “rewards and further incentivizes A.I. companies’ mass theft of human artists’ work.”
As of writing, the letter has garnered more than 3,600 signatures, most of which come from artists, illustrators, photographers, and other creatives. Among them are Karla Ortiz and Kelly McKernan, who, along with illustrator Sarah Andersen, filed a class action lawsuit in 2023 against A.I. companies Midjourney Inc, DeviantArt Inc, and Stability A.I. Ltd, alleging copyright violation.
In response to the letter, a Christie’s spokesperson said over email: “The artists represented in this sale all have strong, existing multidisciplinary art practices, some recognized in leading museum collections. The works in this auction are using artificial intelligence to enhance their bodies of work.”
Dryhurst, speaking to the Guardian, also rejects the letter’s claims. He and Herndon have been vocal in advocating for artists’ rights in the age of A.I.—for one, they co-founded Spawning, a platform that helps artists discover if their work has been used in training datasets and blocks A.I. web scrapers. Their work, including xhairymutantx, their 2024 Whitney Biennial entry on offer at
“Augmented Intelligence,” has sought to interrogate how A.I. is reshaping identity and creativity.
“It is not illegal to use any model to create artwork,” Dryhurst told the Guardian. “I resent that an important debate that should be focused on companies and state policy is being focused on artists grappling with the technology of our time.”
Anadol responded to the open letter on X by highlighting that “majority of the artists in the [auction are] specifically pushing and using their own datasets + their own models!” The new media artist, who just unveiled a massive installation at Kunsthaus Zurich, has also been mindful to train his algorithms on “publicly available datasets.”
“This is the basic problem of entire art ecosystem,” he tweeted, “results of lazy critic practices and doomsday hysteria driven dark minds.”
Other digital artists have similarly weighed in on the missive. On X, Beeple shared a tongue-in-cheek artwork depicting a large robot, with a human on a leash, reading a poster-sized version of the letter, which has been marked up in red. “THE WAR OF ART,” he titled the post.
Jack Butcher, meanwhile, has minted the open letter as an open edition digital artwork, titled “Undersigned Artists.” He described the act as an “inversion: a protest against A.I. art minted as A.I. art,” enfolding “a condemnation of A.I.-generated works trained on unlicensed human labor” into “part of the system it critiques.” He added: “Instead of vanishing into the cycle of outrage, it is fixed, tokenized, and placed within the same marketplace it seeks to disrupt.”
-
A Chinese artist’s paintings of inmates living inside one of Rome’s most well-known prisons will be projected on the prison building’s exterior and displayed in a new exhibit space near the Vatican as part of 2025 Jubilee initiatives.
The 64-year-old Yan Pei-Ming is a Chinese contemporary artist who has been living in Dijon, France since 1981. He is known for his “epic-sized” portraits of figures such as Chairman Mao, St. Pope John Paul II, Bruce Lee, and Barack Obama.
Pei-Ming’s latest portrait series, 27 prisoners living inside Regina Coeli Prison, will be displayed on the side of the prison building. The works, created at the request of the Vatican’s education and culture dicastery, will be the inaugural exhibit of a new art space on Via della Conciliazione, the main street leading to St. Peter’s Basilica.
The Vatican will highlight the work of contemporary artists during the 2025 Jubilee Year and beyond with the new exhibit space, called “Conciliazione 5,” to be inaugurated Feb. 15, during the Jubilee of Artists and the World of Culture.
The Vatican has planned a slew of events for the Feb. 15-18 Jubilee of Artists, including the opening of the contemporary art space, Sunday Mass with Pope Francis, and the first-ever visit by a pope to the film studios of Cinecittà.
The Vatican expects more than 10,000 people from across the wider art and cultural environments — hailing from over 100 countries and five continents — to participate in events over the four days.
The curator of the Yan Pei-Ming exhibit at “Conciliazione 5,” Cristiana Perrella, told journalists on Wednesday that Pei-Ming created the 27 inmate portraits in a matter of 20 days late last year in a studio in Shanghai. Due to time constraints, the painter worked from photos and also asked for information about the prisoners’ lives.
The portraits, Perrella said, help us to remember that inmates “are not the crime they have committed, that people’s meanings are not in this — they are paying for a crime they have done — but ... the people who live in the prison are alive, they have thoughts and dreams. And Pei-Ming’s work helps us to remember all that, to look at the prison community with a different perspective. And that precisely is the strength of art, the strength of this project.”
“The theme of hope, strongly felt by Pope Francis, intersects humanity in places of hardship,” Lina Di Domenico, the head of the prison administration department of Italy’s Ministry of Justice, said on Feb. 12.
Cardinal José Tolentino de Mendonça said at a Feb. 12 press conference the purpose of the Jubilee Year initiatives is to cultivate a dialogue on hope: “To question how contemporary art can convey hope by reaching out to sensitive human places. To search together for spiritual and artistic expressions that can serve as grammars and poetries of hope for the contemporary time.”
Originally the site of a 17th-century convent, from which it gets its name, the Regina Coeli Prison was constructed in 1881 by the Italian government after the country's unification. A women’s prison called the Mantellate was later built nearby, also on the site of a former convent.
-
On January 16, Zhang Wei, a pioneer of abstract painting in China, passed away at the age of 73.
Zhang is known for his experimental abstractions that reflect the instinctive approach of action painting. Through his dramatic visual vocabulary, emotive colors, and “style-as-substance” technique, his works exude a profoundly modern quality while paying tribute to traditional Chinese ink and calligraphy.
Born in 1952 in Beijing, Zhang began his artistic career as a self-taught illustrator before joining the Wuming (No Name) collective in the 1970s, one of the first underground art groups to self-organize during the Cultural Revolution. In line with the group’s mission to rebel against politically prescribed conventions of realism, Zhang developed a unique style of conceptual landscape painting.
In the early 1980s, Zhang co-hosted an experimental exhibition in his home which paved the way for Chinese Apartment Art—an underground countercultural movement during which artists created and showcased their work at private studios within public residential complexes, to bypass the authorities. In his late 30s, Zhang became inspired by Western abstract expressionism and began to strive for unrestrained self-expression through non-representational form.
After taking part in the 1986–87 landmark touring exhibition “Avant-Garde Chinese Art” in New York state alongside renowned figures such as dissident artist Ai Weiwei, Zhang continued to hold solo shows during his nearly 20-year stay in the US. He has also participated in several exhibitions in Hong Kong, including “Light before Dawn: Unofficial Chinese Art 1974–1985” at the Asia Society Hong Kong Center in 2013, and “M+ Sigg Collection: Four Decades of Chinese Contemporary Art” at ArtisTree in 2016.
Zhang’s work is held in the collections of the Art Institute of Chicago and Hong Kong’s M+.
-
After a five-year legal battle, Chinese artist Ye Yongqing has been found guilty of plagiarizing the work of Belgian artist Christian Silvain. The Beijing Intellectual Property Court upheld a previous ruling from 2023 and ordered the artist to pay EUR 650,000 (USD 670,500) in damages—a record sum for a case relating to fine arts in China. Ye has also been ordered to issue a public apology in the Global Times, a major Chinese newspaper. The court warned the artist that failure to comply with the ruling could result in imprisonment.
Ye has been copying Silvain’s work since he visited an exhibition by the Belgian painter in Paris in 1990. In the three decades since, Ye’s paintings have sold for monumental sums—hundreds of thousands of dollars more than Silvain’s—at major auction houses such as Christie’s and Sotheby’s, and many of his works are owned by prominent collectors including American billionaire Bill Gates and media mogul Rupert Murdoch.
The case has been ongoing since November 2019, after the Belgian newspaper Het Nieuwsbladfirst brought attention to the similarities between Ye and Silvain’s works. Following the initial accusations, Ye was dismissed from his position as a professor at Chongqing’s prestigious Sichuan Fine Arts Institute. His damaged reputation has prevented him from having any exhibitions since 2018, and his work has been removed from several museums.
As the first foreign artist to win a plagiarism case against a Chinese artist, Silvain expressed relief at the verdict, describing it as “the end of a long battle” after years of witnessing Ye’s garnering substantial profit and success from the plagiarism of his work.
-
Red is the color as global art market comes storming back after global financial crisis
-- Want to sell that masterpiece for a fortune? It might help if it's red.
That's just one trend from an art market that has come roaring back from the global financial crisis, with buyers from emerging markets such as China molding tastes and driving top-end prices ever higher.
Sotheby's put its works on public display in London, and there was a distinct scarlet hue to the star lots — Gerhard Richter's cadmium-colored abstract "Wall," expected to sell for at least 15 million pounds; an Andy Warhol portrait of Chairman Mao valued at 5 million pounds to 7 million pounds; a vivid red piece in molten plastic by Alberto Burri that could break the 3-million-pound record for the Italian artist. "When we're pricing things we're aware of the power of red," said Alex Branczik, head of Sotheby's contemporary art department in London.
"Red is a color that incites passion. It's the color of the sunset, it's the color of blood," he said. "I think it's more primal than nationality, but I do think it has a special resonance for Asian buyers," for whom red may have associations with luck and happiness. There is some evidence to support this theory — four of the five most expensive Richters ever sold are red.
Buyers from Asia, and especially China, are one reason the art market has rebounded from the global financial crisis of 2008. Newly affluent Chinese collectors began by buying works from their own country — both modern art and historic treasures — before moving into European contemporary art and other areas.
Sotheby's estimates that China now accounts for $14 billion of the $58 billion global art market. Asian buyers spent twice as much on contemporary artworks at the auction house in 2013 as they did the year before.
Art spending by Latin Americans also leapt last year, while Russian and Middle Eastern collectors continue to pay record prices.
"When I started in this industry, it was really European and American (buyers)," said Jay Vincze, head of Christie's Impressionist and modern department. "Now it is truly global. "The market is strong," he said. "The buyers are out there." That has led to a mood of quiet optimism at the auction houses.
In sales of Impressionist, modern and Surrealist art , Christie's has Pablo Picasso's "Woman in a Turkish Costume," a portrait of his wife and muse Jacqueline Roque — estimated at up to 20 million pounds — and Juan Gris' Cubist "Still Life with Checked Tablecloth," valued at up to 18 million pounds. There are also multimillion-dollar works by Piet Mondrian, Rene Magritte, Fernand Leger and Joan Miro. "When you look around these rooms, the supply we've got this season is incredibly rich and varied," Vincze said Thursday. "The quality is very, very high." A few blocks away at Sotheby's, sales include Vincent Van Gogh's "Man is at Sea," once owned by actor Errol Flynn; Lucian Freud's portrait "Head on a Green Sofa"; and works by Claude Monet, Marc Chagall and Henri Matisse.
It's a far cry from the jittery years after the 2008 banking crisis, when works went unsold or reached lackluster prices.
Auctioneers are already looking to woo the next wave of wealthy art buyers. Christie's held its first sale in India last month, and Sotheby's opens soon an exhibition of Indian and international art in New Delhi.
And, said Branczik, "I think Central Asia is interesting. It's a place where a lot of wealth is being generated."