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Ken Griffin’s Magritte & Other Auction War Stories

There were heroes amid the $1.3 billion in sales during last week’s New York auctions, and a couple humbling moments, too. But a closer inspection reveals something less flashy: steady, systematic gains for an art market that’s finally recovering from its post-pandemic malaise.

René Magritte’s ‘L’empire des lumières’
We can see the beginnings of a “masterpiece market,” when buyers, who are agnostic about the economic cycle, respond to works that are perceived to be the best of the best. Photo: Tristan Fewings/Getty Images for Sotheby's
Marion Maneker
November 27, 2024

The Trump Bump will have to wait. Right now, the art market is in no position to capitalize on any presumed election euphoria among the rich. Indeed, much of the commentary around town during last week’s November sales, especially from the Europeans, was tinged with gallows humor about the positive impact of the election on the art market… eventually. After all, I don’t think anyone believes that Ken Griffin, an uneasy Trump supporter, bought Mica Ertegun’s Magritte for $121 million because the president-elect was heading back to Washington.