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Auction Report: The Downturn Goes On

The May results were a disappointment after earlier signs of healing, with the market still shaking off the 2023 interest-rate hangover. Much of the grim news continues to concentrate at the top of the market.

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Pablo Picasso
With so much work by Pablo Picasso on view in New York right now, it’s nice to see the artist reclaim his customary spot at the top of the market-share tables. Photo: Manoli Figetakis/Getty Images
Marion Maneker
May 21, 2025

I’m not going to lie to you: I was hoping for a lot more this season. After November’s positive print in the art market, I thought the healing would continue, bolstered by the Leonard and Louise Riggio estate. But the downturn that began in 2023, after interest rates rose so sharply in 2022, still hasn’t ended.

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