Context:

The spring art auctions are seen as indicators of the art market's health, with a few notable works expected to fetch high prices despite economic uncertainties and a 20% decline in industry sales. The auctions feature significant pieces from artists like Giacometti, Mondrian, and Basquiat, with Giacometti's 'Grande tête mince' having the highest estimate at over $70 million. Mondrian's work, tied to the proportion of red on the canvas, is poised as a potential record-breaker, while Basquiat's 'Baby Boom' highlights his evolving style and continued market appeal. Female artist Olga de Amaral's tapestry marks her debut in major New York auctions, symbolizing a shift towards recognizing under-known artists. The auctions aim to raise significant funds, with auction houses betting on high-profile consignments to counter the scarcity of new ultrawealthy collectors and prevailing market softness.

Dive Deeper:

• The art market is experiencing a downturn, with global sales falling to $57.5 billion and a 20% decline in the industry, prompting auction houses to return to more conventional offerings without the spectacle of flashy, headline-grabbing items.

• Giacometti's 'Grande tête mince' is expected to sell for over $70 million at Sotheby's, the highest estimate in New York's spring sales, and lacks the usual financial guarantees, indicating the seller's confidence in its value.

• Mondrian's 'Composition With Large Red Plane, Bluish Gray, Yellow, Black and Blue' is estimated at about $50 million and is seen as a potential record-breaker due to its red composition; however, its market success is uncertain amidst economic challenges.

• Basquiat's 'Baby Boom' is regarded as an accessible piece from his peak artistic year, 1982, and competes with Warhol's 'Big Electric Chair' in the same price range, testing the market's interest in these iconic artists.

• Olga de Amaral's debut at major New York evening auctions with her tapestry 'Imagen perdida 27' signifies the art market's growing appreciation for previously under-recognized female artists.

• Christie's, Sotheby's, and Phillips are collectively aiming to achieve sales between $1.2 billion and $1.6 billion, facing the challenge of attracting new wealthy collectors amidst a soft market.

• Barbara Gladstone's collection, featuring works from artists like Alighiero Boetti and Richard Prince, includes Carroll Dunham's 'Bathers Seventeen (Black Hole),' which may gain added interest due to its personal connection to the late gallerist.