The Art Market’s Hard Ceiling

Three Christie’s professionals manning phones fought for Simone Leigh’s Sentinel IV. Yet the extended bidding resulted in a price only 34 percent above the estimate. Photo: Marion Maneker
Marion Maneker
May 16, 2025

How’s everyone feeling after the week we’ve had? Yeah, me too. I would say it was a roller coaster, but perhaps it was simply a week filled with a little false drama, some wary hopes, and a bit of good old-fashioned commerce. I’ll have more to say next week, probably in Wednesday’s Inner Circle email (you can sign up here). But the overall impression was of a market where there were many bidders, but few who would go past a clear, predetermined limit. One of the issues may be the prevalence of third-party guarantees, which has created a certain defeatist psychology among buyers: If they can’t get the guarantee, especially if someone else already got there first, then why bid?