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Sales From the Opposite Sides of the World

Three sales in New York and Hong Kong signal a market still struggling, with low estimates serving less as enticements than as reflections of its difficulties. Still, bright spots continue to shine for historical works.

Sotheby's Yoshitomo Nara
Sotheby’s has its own Yoshitomo Nara, Can’t Wait ’til the Night Comes, from 2012, with an $8.35 million estimate and an irrevocable bid. Photo: Chen Yongnuo/China News Service/VCG/Getty Images
Marion Maneker
September 26, 2025

The massive works announced for the fall season in London and New York appeared to signal some confidence swirling in the art market after a long three-month hiatus. That got me wondering, as I scrolled through the works assembled in Hong Kong over the last few days, if maybe consignors had finally gotten the memo and realized they needed to put attractively low estimates on their pieces to generate buying interest.