THIS WEEK'S HOT TOPIC
New York auction week is in the books, and so, too, are several new records. Before we set our sights on summer, let’s reflect on some of the biggest takeaways.
All in all, an estimated $2.5 billion worth of art (with fees) was sold by the big three auction houses during the week, which is almost double the $1.3 billion achieved during the same period last year. That figure comes with a few small asterisks—Christie’s two May 18 sales alone accounted for almost half the total—but basically any way you slice it, the week was a positive sign for the market.
At one of those two Christie’s events, which featured highlights from the private collection of media magnate S.I. Newhouse, a 1913 Constantin Brancusi sculpture sold for $107.6 million, a record for the artist. Then, just minutes later, a 1948 Jackson Pollock drip painting scored $181.2 million—another artist record and one of the top five most expensive artworks ever sold at auction. Meanwhile, Sotheby’s sales totaled around $737 million, a 97.9 percent increase from last May, according to Artnet, and Phillips, which was coming off its worst year of fine art sales in almost a decade, netted $115.2 million—roughly 120% more than last year. Looking back, those percentages may say more about 2025 than 2026.
More than half of all lots offered during this year’s New York auction week reportedly carried a third-party guarantee—that is, a pre-sale agreement in which an outside buyer agrees to purchase a piece at a minimum price if in-auction bids don’t reach that figure. In other words, before any auctioneer took the rostrum, more than 50% of the art had already been sold. That fact certainly diluted some of the drama in the sales rooms, but for the auction houses and their sellers, it also alleviated a lot of risk—and that’s the way they like it.
Still, that didn’t stop at least one house from relying on a good-old-fashioned marketing stunt. It was mentioned in last week’s newsletter, but the utter bizarreness of Nicole Kidman’s promotional video for Christie’s deserves another look. In the David Bowie-soundtracked clip, the actress dances around the aforementioned Brancusi sculpture with an energy that recalls both Elaine Benes’s “little kicks” and one of those inflatable tube men in a used car lot. The long tradition of unintentionally hilarious auction house promotions just got another entry.
P.S. This may not count, but we here at NoReserve simply can’t pass up an opportunity to share the music video for Simon de Pury’s sublime Europop cover of “If I Had a Hammer.”
3…THINGS TO KNOW ABOUT BUYING ON THE SECONDARY MARKET
1
Discretion matters. Secondary market transactions are often intentionally private, and for good reason. A collector may not want it widely known that they own a particular artwork—or that they’ve decided to part with it. That sensitivity can stem from personal relationships with the artist, ties to the gallery that originally placed the work, or broader market considerations. Whether you’re buying or selling, keeping the details of a deal confidential is part of operating professionally in the art world. People are far more likely to transact with you in the future if they trust you to handle their business quietly.
2
Compare the asking price against both gallery pricing and auction records. What keeps the secondary market particularly interesting is that pricing can vary dramatically depending on several factors. Sometimes a collector needs liquidity quickly, and a work becomes available below market value; other times, speculative pricing pushes figures well beyond reason. Before moving forward, look at recent auction records on platforms like Artnet or Arthur Analytics and compare them against primary market prices from gallery previews or past invoices. Understanding how an artist is priced across both markets gives you a much clearer sense of whether a work is fairly valued.
3
Make sure the terms of the transaction are clearly defined before sending payment. The art market often runs on trust and relationships, but even the most informal private deal should have a clear paper trail. Before funds change hands, establish exactly how ownership, shipping, insurance, and delivery will work. Don’t be afraid to request an invoice outlining the terms of the sale (or, for the daring, you could even try drafting your own). You may also want to check the Uniform Commercial Code filings to make sure there are no surprising liens on the work. A smooth secondary transaction should have a clear sequence of events: agreement on price, confirmation of payment terms, coordination with shippers or handlers, and transfer of possession. The more organized the process is upfront, the less room there is for confusion later.
A NUMBER TO KNOW
$102.2m
The damages that a New York jury awarded to the for-profit Morgan Art Foundation in April, in a verdict that could finally untangle a web of litigation holding back the market for the late pop artist Robert Indiana since his death in 2018.
The lawsuit hinged on accusations that the art publisher Michael McKenzie had created sham artworks falsely attributed to Indiana (who is best known for his boldly colored images of the word “LOVE,” in a two-by-two-letter stack, with a slanted “O”). Morgan—which agreed to make regular payments to Indiana starting in the 1990s in exchange for the rights to several key works—alleged that the forgeries had tainted the artist’s posthumous sales and that McKenzie had meddled in their dealings with Indiana before his death. The jury agreed.
If McKenzie refuses to appeal, it would end a saga that has spanned lawsuits against multiple parties over eight years. Morgan settled earlier litigation against Indiana’s former caretaker and estate in 2021. (Settlement terms were not disclosed.)
Even if the courtroom drama is over, however, the Indiana market is still complex behind the scenes. Control of his unsold art is divided between two separate entities: the nonprofit Star of Hope Foundation, which holds Indiana’s personal collection and receives royalties on sales from Morgan, and the Robert Indiana Legacy Initiative, a for-profit company that controls a larger cache of the artist’s works—and whose founder, Indiana’s former agent, advises Morgan. (McKenzie also possessed around 2,500 works attributed to Indiana; those determined to be legitimate were “likely to be shared” by Star of Hope and the Legacy Initiative, The New York Times reported in 2025.)
—Tim Schneider / The Gray Market
ASK: ACCESS SOPHISTICATED KNOWLEDGE
Tony from San Diego ASKed: The Nicole Kidman video got me thinking: What are some of your favorite marketing ploys from auction houses over the years, good or bad?
Josh Baer for NoReserve: There are two that come to mind. When Fair Warning's Loic Gouzer was at Christie's a dozen years ago, he somehow convinced them (and their insurers and risk managers ) to let skateboarder Christopher Martin ollie and grind through their private warehouse to showcase the art of an upcoming sale. It was fun and succeeded in generating buzz and attention—an early precedent for later, celebrity-driven promotional films like the one with Nicole Kidman.
The other one, which I was in the room for, was not an auction house stunt (Sotheby's did not know what was coming): the Banksy painting that shredded itself right after the hammer came down. Now, I'm not much of a fan of his paintings (I prefer his street art), but this made headlines around the world and changed the value of the work from around $1 million to around $20 million. It wasn’t actually disruptive, just a world-class marketing ploy.
Have your own question for the NoReserve team? Reply to this email or reach out to us on Instagram, @no.reserve. Readers whose submissions we choose get a special prize—six free months of our paid newsletter, The Baer Faxt.
2 MINUTES WITH…
During the opening week of the Venice Biennale, we stopped by the buzzy debut of Do U Dare!, the latest film from Iranian artist Shirin Neshat at the Palazzo Marin. Across five channels and three rooms, the film focuses on the tragic real-life story of an Iranian woman who fled to the US only to become an immigrant outcast. Neshat unpacks the touchpoints and thematic layers of Do U Dare! below.
If you want to hear more about the artist’s practice, head ➡️ here to listen to last year’s episode Born of Fire with Shirin Neshat on The Baer Faxt Podcast.
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