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New York’s $2B Gigaweek Shocker

Fresh reporting on an ebullient gigaweek in New York, where more than $2 billion worth of art was sold, approaching the market high in 2022, even as bidders sought out art as more than just an asset.

Phillips Art Auction
Estimates can sometimes seem aspirational at Phillips. But on Wednesday, most of the top lots sold at or above the estimate level. A 1967 Francis Bacon study of two portraits made $16 million. Photo: Courtesy of Phillips
Marion Maneker
November 21, 2025

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After two successive nights of $700 million art auctions—both strong, but hardly indications of an art market where buyers were bidding with abandon—I thought the remainder of New York’s so-called gigaweek would be relatively quiet. I envisioned a series of modest day sales and cleanup evening sales where business got done with little excitement. Was I ever wrong.