$180 million Van Gogh tests the art market and collectors’ confidence

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Art auctions in New York next week could top $2 billion, as a trove of masterpieces hits the market for the first time in decades.

Total sales at Sotheby’s, Christie’s and Phillips are expected to be around $2.4 billion, equal to last year’s total, according to ArtTactic. Sotheby’s alone is expected to raise more than $1.1 billion, with a single collection from the Blaquier-Arrieta Collection estimated at $450 million.

The collection includes the two big headliners of the week: the landscape “Chestnut Trees in Flowers” ​​by Vincent van Gogh estimated at $180 million and “Harlequin” by Paul Cézanne estimated at $120 million. Neither have been seen in public for half a century.

Sotheby’s CEO Charles Stewart said demand is strong in the art market, particularly for the highest quality blue-chip works, as rising stock markets and private wealth boost collector confidence.

“There has been enormous wealth creation and great confidence in the markets,” Stewart said. “It’s a global phenomenon. We’re seeing a recovery and greater interest across Asia and something really exciting is happening from the Middle East to Singapore, Europe and the United States.”

The Christie’s star of the week is “Betonte Ecken” by Vassily Kandinsky, estimated at between 60 and 80 million dollars. Christie’s CEO Bonnie Brennan describes the market as “confident but discerning, rewarding truly exceptional works.” She said recent stock market fluctuations and fears of an AI bubble were unlikely to deter serious collectors.

“At the top of our market, collectors tend to take a much longer-term view,” Brennan said. “They understand that the opportunity to acquire a masterpiece may only come once in a generation, and that it can be far greater than what the stock market did in a given week. In uncertain times, the best can actually become even more compelling.”

The art market continued to rebound this year after declines in 2023 and 2024, with first-half auction sales up 70% from last year, to $6.8 billion, according to Bank of America.

Drew Watson, head of art services at Bank of America, said blue-chip art is outperforming, with impressionist and modern sales up 133% in the first half.

“Our outlook for the art market in November is cautiously optimistic,” Watson said. “Improving liquidity, combined with an unusually strong concentration of freshly released private collections, creates a favorable context for marquee sales.”