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Sotheby's NY Sale Rakes $433M, Basquiat Soars $52.7M

5/16/2026

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Summary

Sotheby's $433M Sale

Sotheby's in New York auctioned the Robert Mnuchin collection and a Now & Contemporary sale, generating $433m including fees.
Mark Rothko’s Brown and Blacks in Reds (1957) sold for $74 million ($85.8 million with fees), below its $100 million estimate.
Pablo Picasso’s Deux femmes nues assises (1921) fetched $1,536,000, exceeding its estimate after fees.
Willem de Kooning’s Untitled XLII (1983) realized $12,410,000, meeting its high estimate.
Joan Miró’s Dormeurs réveillés par un oiseau (1939) sold for $6,464,000, surpassing its estimate.
Franz Kline’s Harleman (1960) achieved $14.5 million within its estimate.
Jeff Koons’s bust Louis XIV (1986) sold for $8,570,000 within its estimate.
Jean-Michel Basquiat’s Museum Security (Broadway Meltdown, 1983) fetched $52.7 million, well above its $45 million estimate, while the Now & Contemporary segment reached $266.8 million with a 91 percent sell-through.

Summary

Asian Collectors Boost

Asian collectors drove strong demand, buying works by David Hockney and Andy Warhol at the sale.
Ding Shilun’s debut piece Three Princess sold for $358,400, far above its $50,000-70,000 estimate and setting a record.
Yu Nishimura’s Leaves carpet fetched $998,400, nearly $1 million and well above its $120,000-180,000 estimate.
Sotheby’s used guarantees and irrevocable bids to steady demand for high-estimate lots.

Summary

TEFAF Attracts Investors

TEFAF New York featured 88 galleries from 15 countries, showing works by Hockney, Braque, de Chirico, de Kooning and Basquiat.
Leanne Wood said art offers a positive, healing experience that investors crave.
Leon Tovar said art never reaches zero value, is portable, and outlasts empires.
Stacie Khandros noted buyers arrived with clear ideas and serious questions.
Gallery owners said investor appetite stays despite the Iran war, viewing art as a hedge.

History

Historical Context

Vincent van Gogh painted Portrait of Dr Paul Gachet in 1890 while staying with the physician who supported Impressionists. Sotheby's sold that work in New York for $82.5 million in 1990, then broke its own record in 2024 when the Robert Mnuchin collection fetched $433 million, reflecting the shift toward Asian buyers and art as a portable hedge.

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Sotheby's $433M Sale

Sotheby's in New York auctioned the Robert Mnuchin collection and a Now & Contemporary sale, generating $433m including fees.
Mark Rothko’s Brown and Blacks in Reds (1957) sold for $74 million ($85.8 million with fees), below its $100 million estimate.
Pablo Picasso’s Deux femmes nues assises (1921) fetched $1,536,000, exceeding its estimate after fees.
Willem de Kooning’s Untitled XLII (1983) realized $12,410,000, meeting its high estimate.
Joan Miró’s Dormeurs réveillés par un oiseau (1939) sold for $6,464,000, surpassing its estimate.
Franz Kline’s Harleman (1960) achieved $14.5 million within its estimate.
Jeff Koons’s bust Louis XIV (1986) sold for $8,570,000 within its estimate.
Jean-Michel Basquiat’s Museum Security (Broadway Meltdown, 1983) fetched $52.7 million, well above its $45 million estimate, while the Now & Contemporary segment reached $266.8 million with a 91 percent sell-through.

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