Context:

Christie's auction of the Riggio family's art collection, built on the Barnes & Noble fortune, experienced a lackluster start with many items presold to guaranteed bids, reflecting a cautious art market impacted by economic uncertainties. A notable sale was Piet Mondrian’s painting, which sold for $47.6 million but failed to reach its previous record, attributed to its aggressive pricing. Despite a total of $272 million including fees, the auction fell short of expectations without fees, highlighting the challenges in the current market. The 20th Century Evening Sale performed better, with more artworks selling above estimates, although the withdrawal of a major Warhol piece indicated weaknesses in certain segments. Some artworks, like a Monet painting, showed strong demand, while others, such as a Lucio Fontana piece, underscored the market's decline since its peak in 2022.

Dive Deeper:

• The Riggio art collection auction at Christie's was characterized by presold guaranteed bids, leading to a subdued atmosphere with little enthusiastic bidding, as economic uncertainties cast doubts over the global art market.

• Piet Mondrian's 1922 painting sold for $47.6 million, which was below its aggressive estimate of $50 million and did not surpass its previous record, illustrating the impact of pricing on collector interest despite the work's quality and rarity.

• While the Riggio collection achieved a total of $272 million including fees, it fell short of the auction house's pre-sale expectations when fees were excluded, revealing the challenges faced in meeting financial goals within the current market climate.

• The 20th Century Evening Sale that followed succeeded in selling artworks above their estimates, yet the withdrawal of Andy Warhol's 'Big Electric Chair' at an estimated $30 million highlighted vulnerabilities in specific art market segments.

• Certain artworks, such as Monet's 'Peupliers au Bord de l’Epte, Crépuscule', saw vigorous bidding and sold for nearly $43 million, indicating ongoing demand for blue-chip pieces amidst broader market uncertainties.

• Lucio Fontana's painting, previously sold for nearly $14 million in 2017, returned to Christie's and sold for $7.5 million, reflecting a significant drop in value and underscoring the market's decline since its peak in 2022.

• Christie's executives expressed satisfaction with the overall performance despite the subdued bidding atmosphere, acknowledging the need for hard work to navigate the current art market landscape.