• Washington
  • Wall Street
  • A.I.
  • Hollywood
  • Media
  • Fashion
  • Sports
  • Art
  • Join Puck Newsletters What is puck? Authors Podcasts Gift Puck Careers Events
  • Join Puck

    Directly Supporting Authors

    A new economic model in which writers are also partners in the business.

    Personalized Subscriptions

    Customize your settings to receive the newsletters you want from the authors you follow.

    Stay in the Know

    Connect directly with Puck talent through email and exclusive events.

  • What is puck? Newsletters Authors Podcasts Events Gift Puck Careers

Nov 16, 2025   

Wall Power
Buccellati
Marion Maneker Marion Maneker

Welcome back to Wall Power. I’m Marion Maneker.

Gigaweek starts tomorrow with the Weis sale at Christie’s and their 20th century evening sale. I’ll have a full report for you on Tuesday evening. Until then, look for updates on Instagram and X.

In the meantime, Julie takes the helm tonight with a report on the new Wifredo Lam retrospective at MoMA. Lam is a major figure in modern art—first as a protégé of Picasso in Paris in the late ’30s and then as a pioneer of blending Europe’s modernism with African cultural heritage after he returned to Cuba. Julie has more below the fold.

A MESSAGE FROM OUR SPONSOR

Buccellati
Buccellati

But first…

Julie Brener Davich Julie Brener Davich
  • Not everything came up roses: The Christie’s, Sotheby’s, and Phillips live jewelry auctions this past week in Geneva totaled a combined CHF115.7 million, or $144 million—a 40 percent increase over the same sales’ results from last year. But, as always, there is a slightly more nuanced story beneath the superficial gloss of the top-line numbers. The top lot of the week was the Mellon Blue at Christie’s, which made CHF20.5 million ($26 million)—a very strong result, sure, but dampened by the fact that the same stone had sold at the peak of the market, in 2014, for 25 percent more. “It’s the best blue diamond I’ve ever seen,” jewelry consultant Matthew Girling told me. “It just didn’t have that fresh-to-market luster that it had the first time around.”

    The year-over-year increase in the overall sales totals is all the more remarkable considering that Phillips and Sotheby’s both withdrew their top lots. Phillips had a 6.95-carat fancy vivid purplish pink diamond, from an unknown mine, estimated at a lofty $9 million. Meanwhile, Sotheby’s pulled their 10.08-carat fancy vivid pink diamond, mined just two years ago, that was estimated to bring about $20 million. Alas, both of the gems lacked the sort of provenance that collectors are drawn to at the highest levels of today’s market.

    By juxtaposition, a 13.04-carat diamond brooch that once belonged to Emperor Napoleon I and the House of  Hohenzollern, made CHF3.5 million, or $4.3 million, against an estimate of CHF120,000, or $150,000, at Sotheby’s. Also at Sotheby’s, a 13.86-carat light pink diamond ring that once belonged to Empress Catherine I of Russia, and most recently was owned by Princess Neslishah Sultan, made CHF2.9 million ($3.6 million) against an estimate of CHF240,000 ($300,000). At Phillips, a 42.68-carat Kashmir sapphire brooch formerly in the collection of Gladys Moore Vanderbilt made CHF2.9 million ($3.6 million) against an estimate of CHF800,000 (around $1 million), though Girling surmises this price owed more to the gem’s size than its former owner.
  • New high for Geneva watch sales: Phillips, in association with Bacs & Russo, notched CHF66.6 million ($83 million) at its Geneva watches sale last week—the highest total ever for any auction in the category. Well, it was technically the highest figure achieved in dollars, helped by the current exchange rate. The next-highest total was CHF68.2 million ($74.5 million), achieved in November 2021.

    Was this a reliable indication that the market has returned to Covid-era highs? Let’s see: The 2021 sale had 248 lots at an average value of about $300,000; last week’s sale had only 207 lots, including a stainless-steel Patek Philippe Ref. 1518, which made $17.6 million, a record for a vintage wristwatch from the brand. Even after eliminating this outlier price, the average lot value was $317,000—slightly higher than those frothy pandemic days. Altogether, Phillips sold 12 watches for more than $1 million, including a pink-on-pink version of the Ref. 1518 for CHF3.6 million, or $4.4 million.

    Sotheby’s two watch sales totaled CHF21.8 million ($27 million), their highest sum in a decade—with the 250th anniversary Breguet sale accounting for more than half that amount. According to Tony Traina of the Unpolished newsletter, F.P. Journe was the buyer of the four-minute tourbillon, from 1809, which inspired the brand’s recently released Ref. 7235. He paid CHF1.9 million ($2.38 million) against an estimate of CHF350,000 ($440,000), presumably for his new museum, set to open next year in Geneva.

    Meanwhile, surprises in the Breguet sale included a fresh-to-market and unique “tact” watch, originally sold by Breguet in 1802 to the Duke of Praslin, which made CHF838,200 ($1 million) against an estimate of just CHF26,000 ($33,000). There was also the three-wheel clock, originally sold in 1968 to esteemed watchmaker George Daniels. The last time it appeared at auction, in 2017, it went unsold at an estimate of £200,000 ($270,000). This time it made CHF1.9 million, or $2.4 million, against an estimate of CHF200,000 ($230,000).

    In Sotheby’s Important Watches sale, Mercedes Gleitze’s “Companion Oyster” Rolex, the world’s first practical waterproof watch, worn when she swam the English Channel in 1927, made CHF1.4 million, or $1.7 million. Another of Sotheby’s highly promoted items, a fresh-to-market Cartier Portico Mystery Clock from the collection of Gunter Sachs, did not find a buyer at an estimate of CHF3 million—perhaps because Cartier itself already owns one. Meanwhile, over at Christie’s, the Rare Watches sale totaled CHF21.6 million, or $27 million.
  • A truly super Superman: The Lee brothers, now in their 50s and 60s, made a life-changing discovery last year in their mother’s Northern California attic: six well-preserved comic books from 1939-1940. Now they are coming up for sale at Heritage Auctions this week. The most exciting of the bunch is a copy of Superman No. 1, which was given a grade of 9.0 out of 10 by the collective rating company CGC, meaning it’s in near-mint condition. Only 200 copies of the issue have been submitted to CGC for grading since it was founded 25 years ago, and this one is the best-preserved. For pricing comparison, an 8.0-graded copy sold privately in 2022 for $5.3 million, and last year Heritage sold a 7.5-graded copy for $2.3 million.

    The Man of Steel first appeared in the inaugural issue of Action Comics, in June 1938, and became so popular that they gave him his own title the following year. The Lees’ copy is from the first print run of half a million copies, further enhancing its value. (Two subsequent runs added another 400,000 to circulation). The other five comic books from the Lees’ collection are early issues of Action Comics, three of which are also unsurpassed in the CGC census. Jim Halperin, who launched the comic books category at Heritage 25 years ago, said in a statement, “A newly discovered, highest-graded copy of one of the greatest comic books in the history of the medium is the stuff dreams are made of.” As of this writing, bidding on Superman No. 1 has already shot past $4 million, or $4.86 million including the buyer’s premium.

Now, let’s get to the main event…

I Knew It Was You, Wifredo

I Knew It Was You, Wifredo

Wifredo Lam was born to a Chinese father and an Afro-Cuban mother, came of age with Picasso in late 1930s Europe, and preferred painting on paper to canvas. Now, with a new MoMA retrospective, as well as nearly 20 works up for auction next week, the hard-to-categorize painter is finding global recognition.

Julie Brener Davich Julie Brener Davich

Wifredo Lam’s masterpiece La Jungla (The Jungle) has been a centerpiece of MoMA’s collection since it was acquired from Pierre Matisse Gallery in 1945. The monumental work on paper, mounted on canvas, depicts elongated figures blending into Caribbean sugarcane stalks. It hung in the museum’s lobby on and off for decades, literally and figuratively removed from the narrative of modern art in the galleries—until 1988, that is, when critic John Yau called out the museum for isolating the painting as if it didn’t belong in the canon. The new MoMA retrospective of Lam’s work, on view through April, more than compensates for that slight.

Lam doesn’t fit neatly into any art historical category. He was a painter, but mostly on paper; he was surrealist but also cubist; and he was born to an Afro-Cuban mother and a Chinese father but lived for much of his life in Western Europe. As the first retrospective of Lam’s work in the United States, this MoMA show looks at his art through a multicultural lens that simply wasn’t possible during his lifetime. “We finally have the vocabulary to understand transnational artists,” said MoMA curator of Latin American art Beverly Adams. She organized the show with chief curator of prints and drawings Christophe Cherix, who was named director of MoMA earlier this year. Coincidentally, it’s the first show to open at the museum since he assumed his new role.

A MESSAGE FROM OUR SPONSOR

Buccellati
Buccellati

The exhibition is chronological and notably biographical, delving deeper into the influences and circumstances of Lam’s evolving style than into the specifics of his compositions. Born in Cuba in 1902, he traveled to Spain in his early 20s to study painting but ended up joining the Republican forces against Franco. That’s when Lam, and his work, became more political, explained Adams, inspired by the notion that art can change society. He escaped to Paris in 1938 with a note of introduction to Picasso from Catalan sculptor Manolo Hugué. Through Picasso, Lam met André Breton and other Surrealist artists and poets.

Picasso is credited with having outsize influence on Lam, somewhat stripping him of his own identity. In the exhibition catalogue, however, curator María Elena Ortiz makes the case that Lam also had an influence on Picasso. Their meeting “was an especially catalytic experience for Pablo Picasso, … who was forced to reconcile Lam’s presence with his own appropriations of African art,” she wrote. The older artist arranged a studio for Lam in Paris and made introductions that led to a solo gallery show—where MoMA’s founding director, Alfred H. Barr Jr., first acquired one of his works, Mother and Child, from 1939. After Lam’s return to Cuba in 1941, following almost two decades abroad, Picasso’s overtly Cubist influence on his work lessened as he began exploring Afro-Cuban religious imagery, like birds, horned heads, and horseshoes.

Wifredo Lam: When I Don’t Sleep, I Dream at The Museum of Modern Art, New York. Photo: Jonathan Dorado/Courtesy of MoMA

Wifredo Lam: When I Don’t Sleep, I Dream at The Museum of Modern Art, New York. Photo: Jonathan Dorado/Courtesy of MoMA

Given Cherix’s expertise in works on paper, the show also offers an occasion to reconsider the materiality of Lam’s practice. He started using Kraft paper in lieu of canvas out of necessity during the Spanish Civil War, but continued to use it even in later years. “Lam is an enigma,” Cherix told me. “He made works on paper that behave like paintings.” And when he did use canvas, Adams and Cherix noted in the catalogue, he treated it like watercolor. In a major coup, the museum didn’t just borrow Lam’s monumental 1949 work on paper, Grande Composition, for the retrospective. Cherix and Adams went to Paris, where the painting had been hanging in an apartment vestibule for 20 years, and acquired it for the permanent collection.

International Man of Mystery

While the MoMA show is raising awareness of Lam’s historical importance, his market value will be tested just blocks away. There are 16 works by the artist coming up for auction at Sotheby’s and Christie’ next week in New York, ranging in estimate from $15,000 for a small drawing to $6 million for an oil and charcoal on canvas from 1944—the most sought-after period of Lam’s career. That painting, Ídolo (Oyá/Divinité de l’air et de la mort), which combines elements of surrealism and Santería, last appeared at auction at Christie’s in 2012, after six decades in the same private collection. It sold to a South American collector for a then-record $4.5 million, doubling the previous record set just two years prior.

Buccellati
Buccellati

The growth in Lam’s market is perhaps best exemplified by works that have sold and resold at auction. A particularly interesting market case study is the artist’s 1959 oil on burlap painting Bonjour Monsieur Lam (Au commencement de la nuit), which appeared at auction five times between 1992 and 2019, increasing in price from $113,615 to $860,000.

Switzerland-based Galerie Gmurzynska, which has represented Lam’s estate since 2010, has taken a global approach to his market, focusing especially on building up a buyer base in China. At some point, Lam was given a Chinese version of his name, Lin Fei Long, meaning “Flying Dragon,” which Gmurzynska has predictably promoted to curators in the region. When the gallery presented his work in 2012 at the Art Hong Kong fair (now Art Basel Hong Kong), they put Lam’s name on the wall in both English and Chinese. (One of the paintings from that booth, an untitled 1958 oil and charcoal on paper mounted on canvas, is in the MoMA show.)

An exhibition last year of Lam’s work at the Asia Society in Hong Kong was dubbed Homecoming, a somewhat disingenuous moniker given that he never actually went to China, Lam’s son Eskil, who manages his father’s estate, told me. Lam’s Chinese heritage is also not particularly evident in his work—if anything, it’s merely a “sensibility” that he got from his scribe father, said Adams, pointing to one of Lam’s pen-and-ink drawings as an example.

Gmurzynska’s efforts have helped to steadily expand the artist’s market, as did a major survey of Lam’s works that toured to the Pompidou, Reina Sofía, and Tate Modern in 2015-17. Around that time, the auction houses also started rethinking their approach to Latin American art—reducing dedicated sales in the category, which typically attracted only collectors focused on Latin American work, and moving the most valuable examples to their higher-profile modern and contemporary art sales. In 2020, Sotheby’s set the world auction record for the artist by selling the 1943 oil on canvas Omi Obi— originally owned by Lam’s close friend, the Cuban writer Lydia Cabrera—for $9.6 million in a modern art evening sale.

That work, as it would happen, is part of the MoMA show, on loan from the collection of Argentine real estate developer Eduardo F. Costantini. And while it’s too soon to tell if MoMA’s renewed embrace of Lam’s work will further amplify his market value, the effect on his historical value is unmistakable. As Mathias Rastorfer of Galerie Gmurzynska said, “Lam is a timely and timeless artist.”

 

Thank you, Julie. See you on Tuesday, when we will know a whole lot more about the state of the art market. I’m excited. I hope you are, too.

M

Line Sheet

The ultimate fashion industry bible, offering incisive reportage on all aspects of the business and its biggest players. Anchored by preeminent fashion journalist Lauren Sherman, Line Sheet also features veteran reporter Rachel Strugatz, who delivers unparalleled intel on what’s happening in the beauty industry, and Sarah Shapiro, a longtime retail strategist who writes about e-commerce, brick-and-mortar, D.T.C., and more. 

The Grill Room with Dylan Byers & Julia Alexander

Finally, a media podcast about what’s actually happening in the media—not the oversanitized, legal-and-standards-approved version you read online. Join Dylan Byers, Puck’s veteran media reporter, and Julia Alexander, a longtime media analyst, as they sit down with TV personalities, moguls, pundits, and industry executives for raw, honest, sometimes salacious conversations about the business of media and its biggest egos. New episodes publish every Tuesday and Friday.

Puck
Facebook Twitter Instagram LinkedIn

Need help? Review our FAQ page or contact us for assistance. For brand partnerships, email ads@puck.news.

You received this email because you signed up to receive emails from Puck, or as part of your Puck account associated with {{customer.email}}. To stop receiving this newsletter and/or manage all your email preferences, click here.

 

Puck is published by Heat Media LLC. 107 Greenwich St., New York, NY 10006

SEE THE ARCHIVES

SHARE
Try Puck for free

Sign up today to join the inside conversation at the nexus of Wall Street, Washington, A.I., Hollywood, and more.

Already a member? Log In


  • Daily articles and breaking news
  • Personal emails directly from our authors
  • Gift subscriber-only stories to friends & family
  • Unlimited access to archives

  • Exclusive bonus days of select newsletters
  • Exclusive access to Puck merch
  • Early bird access to new editorial and product features
  • Invitations to private conference calls with Puck authors

Exclusive to Inner Circle only



Latest Articles from Art

Sotheby's Klimt
Marion Maneker • November 16, 2025
The Hot 50: Our Semiannual Market Temp Check
An excavation of the art market’s robust performance in the second half of 2025, with the latest (and greatest) data from ARTDAI. As you’ll see, the market is healthier and more varied than ever.
White Cube Gallery New York
Marion Maneker • November 16, 2025
Dye Hard & Humeau’s Bat Cave
Fresh from their holiday hibernation, New York galleries are once again buzzing with crowded openings and legendary works from the likes of Humeau, Pousette-Dart, Eggleston, and Flavin.
Steve Ivy Heritage Auctions
Marion Maneker • November 16, 2025
Condition Report: Steve Ivy, C.E.O. of Heritage Auctions
An eye-opening conversation with the auction house founder (and lifelong numismatist) on the explosion of the collectibles market, Heritage’s $2 billion year, and his middle-school obsession with coins.


Joan Semmel
Marion Maneker • November 16, 2025
Sex & The Single Artist
A career-spanning new exhibit of Joan Semmel captures an artist challenging conventional nudes, addressing women’s liberation, and making her own depictions of sexuality, aging, and herself.
National Gallery of Art
Marion Maneker • November 16, 2025
Washington’s Other Culture Wars
The Stars We Do Not See, a new show at the National Gallery, offers a reflection on the past and modernism that seems perfectly at home in the capital these days.
Money Painting
Marion Maneker • November 16, 2025
The Art-Backed Loan Crisis That Wasn’t
A recent column in the Financial Times tried to sound the alarm about an apparent crisis in the art loan business. But a close inspection of the data behind the story—and a survey of art loan business insiders—reveals a much more nuanced picture.


Sotheby's Art Auction
Marion Maneker • November 16, 2025
Is the Art Market Ready for a Bull Run?
With $5.4 billion in combined sales, 2025 was a pretty decent year for Sotheby’s, Phillips, and Christie’s, as well as the broader auction market. But a deeper analysis of sales across price ranges, average lot values, and the percentage of works sold below estimate may foretell what 2026 brings.


Get access to this story

Enter your email for a free preview of Puck’s full offering, including exclusive articles, private emails from authors, and more.

Verify your email and sign in by clicking the link we just sent.

Already a member? Log In


Start 14 Day Free Trial for Unlimited Access Instead →



Latest Articles from Art

Eduardo Costantini
Marion Maneker • November 16, 2025
A Match Made in Buenos Aires
How a family of Swiss industrialists helped deepen and redefine Argentina’s premier art museum, years after their deaths.
KAWS brian Donnelly
Marion Maneker • November 16, 2025
Kaws and Effect
After Covid zombified downtown San Francisco, SFMOMA director Christopher Bedford turned to an artist with a Warholian grasp of pop culture—and the ability to reengage both families and the tech set.
Reed Hastings
Mark Healy • November 16, 2025
Reed Hastings’ Mountainhead
Since stepping down as C.E.O. three years ago, Netflix co-founder and executive chairman Reed Hastings has largely devoted himself to philanthropy and Powder Mountain—his Utah ski resort that now includes an ambitious public art park and is changing the very notion of a mountain town.


Ken Goldin
Alex French • November 16, 2025
The Goldin Boy
The reigning king of collectibles is celebrating a third season of his Netflix show and a new stability in the collectibles and memorabilia market, which is better informed and more properly authenticated than ever. That doesn’t mean he’s above selling a Cheeto if there’s a market for it—especially if it makes for good TV.
Charles Stewart
Marion Maneker • November 16, 2025
Charlie’s Angels
It’s been a monumental year for Sotheby’s, which secured nearly $1 billion from the Emiratis, sold the Macklowe and Lauder collections, and made a new home on Madison Avenue. C.E.O. Charles Stewart sits down for a candid discussion about his auction house’s big year and the emerging Gulf market.
Helene Schjerfbeck Self-Portait with Black Background_1915
Marion Maneker • November 16, 2025
Helene of Finland
The new Helene Schjerfbeck show at the Met offers a rare opportunity to see the work of a truly important artist, whose significance was obscured only by the fact that she lived in a small country far from the center of culture.


Phillips Art Auction
Marion Maneker • November 16, 2025
Art’s $14B Goldilocks Year
In the space of a few short months, we’ve seen the public art market return not only to viability, but vibrancy—even if we’re only just returning to a baseline level of sales.
Get access to this story

Enter your email to get access to one article and free previews of our private emails from Puck authors and editors.

OR

Already a Member? Sign in



Latest Articles from Art

Jay Krehbiel
Marion Maneker • November 16, 2025
Condition Report: Jay Krehbiel, the Man in the Middle
Freeman’s, the ambitious Midwest auction house, is conquering the middle market between multimillion-dollar auctions and weekend estate sales. Herewith, executive chairman Jay Krehbiel opens up about his M&A pathway, the economics of undercutting the big houses, and the tension between operating locally and globally.
Faith Ringgold
Marion Maneker • November 16, 2025
History Is Written by the Gallerists
Three striking new gallery shows—Faith Ringgold, Richard Diebenkorn, and Julian Schnabel—show how gallerists work hard to steer perceptions and provide context to decades-old works. It’s harder than it looks.
Robert Rauschenberg
Marion Maneker • November 16, 2025
The Rauschenberg Chronicles
In celebration of the centennial of Robert Rauschenberg’s birth, two new museum shows in New York explore the work of an artist who always seemed both ubiquitous and somewhat forgotten.


Art advisors
Marion Maneker • November 16, 2025
The Art Advisor Justice League
Art advisors are a fairly recent phenomenon, and no one is showing how it’s done better than Patti Wong, Brett Gorvy, and Wentworth Beaumont. In this lively roundtable discussion, the three explain an advisor’s role in a murky market, how the back office operates, and why ambitious collectors need consultants now more than ever.
Francois Xavier Lalanne, Hippopotame Bar
Marion Maneker • November 16, 2025
Lalanne Jockeys
The latest offerings at Christie’s, Sotheby’s, and Phillips anticipate a still-strong design market, with a wide selection of works by Les Lalanne—including a multimillion-dollar hippo—leading the category alongside Tiffany, Giacometti, and the recently deceased Frank Gehry.
Design.Miami
Marion Maneker • November 16, 2025
50 Hours in Miami
A mid-December tour of Design.Miami, Art Basel, the New Art Dealers Alliance fair, and the ICA Miami opening revealed a steady flow of visitors, plenty of eager buyers, and an ostensible return to form for the city’s biggest annual art fair.


Sotheby's Art Auction
Marion Maneker • November 16, 2025
Two Weeks in November
A deep data-driven dive into the November sales and what they tell us about the art market’s “just right” moment.


  • Terms
  • Privacy
  • Contact
  • FAQ
  • Careers
© 2026 Heat Media All rights reserved.
Create an account

Already a member? Log In

CREATE AN ACCOUNT with Google
CREATE AN ACCOUNT with Google
OR YOUR EMAIL

OR

Use Email & Password Instead

USE EMAIL & PASSWORD
Password strength:

OR

Use Another Sign-Up Method

Become a member

All of the insider knowledge from our top tier authors, in your inbox.

Create an account

Already a member? Log In

Verify your email!

You should receive a link to log in at .

I DID NOT RECEIVE A LINK

Didn't get an email? Check your spam folder and confirm the spelling of your email, and try again. If you continue to have trouble, reach out to fritz@puck.news.

CREATE AN ACCOUNT with Google
CREATE AN ACCOUNT with Google
CREATE AN ACCOUNT with Apple
CREATE AN ACCOUNT with Apple
OR USE EMAIL & PASSWORD
Password strength:

OR
Log In

Not a member yet? Sign up today

Log in with Google
Log in with Google
Log in with Apple
Log in with Apple
OR USE EMAIL & PASSWORD
Don't have a password or need to reset it?

OR
Verify Account

Verify your email!

You should receive a link to log in at .

I DID NOT RECEIVE A LINK

Didn't get an email? Check your spam folder and confirm the spelling of your email, and try again. If you continue to have trouble, reach out to fritz@puck.news.

YOUR EMAIL

Use a different sign in option instead

Member Exclusive

Get access to this story

Create a free account to preview Puck’s full offering, including exclusive articles, private emails from authors, and more.

Already a member? Sign in

Free article unlocked!

You are logged into a free account as unknown@example.com

ENJOY 1 FREE ARTICLE EACH MONTH

Subscribe today to join the inside conversation at the nexus of Wall Street, Washington, A.I., Hollywood, and more.

START 14-DAY FREE TRIAL

  • Daily articles and breaking news
  • Personal emails directly from our authors
  • Gift subscriber-only stories to friends & family
  • Unlimited access to archives
  • Bookmark articles to create a Reading List
  • Quarterly calls with industry experts from the power corners we cover