As Senior Vice President of Heather James and Co-Chair of Heather James Art Advisory, I have had the privilege of guiding collectors through more than a decade of shifts, cycles, and surprises across the global art market. Each season brings its own signals, but the November auctions in New York have long been among the clearest indicators of where we stand and where we may be headed. – Sarah Fischel
Auction Recap
Every year, as the calendar rhythmically moves forward, we mark time through familiar rituals such as back-to-school routines, crisper weather, and holidays with family and friends. For many of us, however, the true marker of the season is the anticipation of, and focus on, the marquee New York auctions.
The auctions each November are more than a date on the calendar. They act as a bellwether and a temperature check for an art market shaped by the rise and fall of these sales, charting what has changed and what may unfold next.
Last week was no exception, and this year there is perhaps even more reason for optimism as we head into the holidays.
More than $2.2 billion of art changed hands in the public sales alone. This 77% increase over last year marks a welcome change in momentum after the downturn that followed the pandemic-era boom. While private sales have remained slightly insulated, these public results continue to provide essential data points for valuation and strategy across the market.
Although Contemporary art performed well, the standout story was the renewed demand for blue-chip artists of the 19th and early 20th centuries, following several years dominated by an ultra-contemporary surge. Collectors signaled a shift away from speculation and reaffirmed the importance of established masters such as Matisse, Kahlo, Chagall, Rothko, and Fini, as well as record-setting results for Gustav Klimt, now holding the number two position for the most expensive work ever sold at auction. At the same time, stability and depth were evident in the market for more established Contemporary artists, with record performances for figures like Olga de Amaral and Cecily Brown.
All of this arrives at an especially substantive moment, as the great wealth transfer continues to accelerate. This shift will bring more art entering the market through inheritance or sale, and it will support the rise of a new generation of collectors, many of whom are both acquiring and inheriting. These stewardship changes and the choices of this growing cohort of collectors will help shape the tastes, priorities, and direction of the art market in the years ahead.
As always, my team and I remain available to support you and are happy to discuss collecting priorities, market insights, artwork guidance, or any questions that may arise. We are excited to see what 2026 has in store.
If you’d like to learn more about Heather James Art Advisory visit us at:
https://www.heatherjames.com/advisory/
or email us at [email protected].
