Coinciding with several art fair openings, Sotheby’s launched an auction round in May in New York that is expected to exceed $1 billion Evening auction now and contemporary and a dedicated sale of works by the collection of legendary trader Robert Mnuchin. The pair of sales generated $433.1 million — a result that fell well within the pre-sale estimate of $325.6-444.6 million, but was 133 percent higher than last May’s contemporary sales, which generated $186.1 million and more than double the November 2025 contemporary evening sales bid. The short sale, Mnuchin’s condensed and rather dramatic White Gloves closed at $166.3 million, surpassing its pre-sale estimate of $130 million and generating a flurry of activity around some of the most coveted works.
At the top of the night was the monumental canvas, vibrant red nearby Mark Rothko, Brown and black on red (1957), which reached $74 million ($85.8 million with fees) after a few minutes. Despite the extraordinary amount, the result fell short of the $100 million estimate and the previous record of $89.6 million set at Christie’s in 2012 for Orange, red, yellow (1961). Part of the Mnuchin collection for more than two decades, the work appeared in major institutional exhibitions and is one of only 15 large-scale Rothko canvases produced in 1957, most of which are now in museum collections. Mnuchin bought the work at Christie’s in 2003 for just $6.7 million; formerly part of the Joseph E. Seagram collection.
Followed by five bidders, the opening draw, Pablo PicassoS ‘ Two naked women sittingsold to an in-room bidder after 16 bids for $1,536,000, exceeding its estimate after fees. Seven bidders followed Willem de KooningS ‘ XLII untitled (1983), which lived up to its high estimate, selling for $12,410,000. like Brett Gorvy scored recently while commenting on a similar de Kooning offered in their new LGD Hammer“the 80s de Kooning market has been very strong at auction,” particularly in Asia, and some bidders from the region were drawn to Mnuchin’s work and its sweeping lines of blue, red, pink and purple moving across a bright white ground. in between, Joan MiroS ‘ The sleepers are awakened by a birddescribed as one of the artist’s finest gouaches from 1939 ever to appear at auction, it was chased by five bidders, who surpassed its high estimate after 22 bids, selling for $6,464,000.
Another highlight of the night was the monument Franz Kline abstraction Harlemanfrom the 1960s, which sold under estimate to an in-room bidder for $14.5 million, while a sculptural Jeff Koons bust, Louis XIV (1986), sold under estimate for $8,570,000. Mnuchin was among Koons’ earliest supporters, acquiring and promoting the artist’s work long before its market reached its current heights. Then came an earlier Rothko, No. 1dated 1949, a critical year in the artist’s practice and the development of his style, and was recently shown as one of the highlights of an exhibition at the Fondation Louis Vuitton in Paris. Covered by a warranty and an irrevocable offer, it sold for its high estimate of $20,805,000. (The work previously sold at Christie’s London in 2017, fetching $13 million.) In the end, another de Kooning sold, covered by a guarantee and an irrevocable offer, for its high estimate of $4 million. closing the sale, David Hammons sold just short of its high estimate for $1,088,000, while a John Chamberlain it failed to meet its low estimate, selling for $383,000, despite being an important piece included in the artist’s landmark retrospective at the Guggenheim in 1971.
After a short break, the night continued with The Now & Contemporary Evening Auction, which met its high pre-sale estimate, reaching $266.8 million with a 91 percent sell-through rate. The result was up 110 percent from the $127.1 million generated by the same sale last year.
Topping the auction was Basquiat’s 1983 Museum Security (Broadway Meltdown)from the most demanding moment of the artist’s career, when the young star had reached the peak of his short but intense trajectory. The best Basquiat offered this season, and undoubtedly accompanied by a guarantee and an irrevocable offer, the work sold for $52.7 million, with three bidders outbidding it for $45 million. The painting belongs to a group of 12 monumental canvases all executed that year and made its debut in Basquiat’s landmark solo exhibition in Gagosian in Los Angeles in 1983. Reproduced on the frontispiece of the artist’s monograph edited by Dieter Buchhart AND Anna Karina Hofbauerthe canvas has an extensive exhibition history and was on long-term loan to the Fondation Beyeler in Riehen from 2013-2018 before featuring prominently in the Louis Vuitton Foundation’s monumental retrospective from 2018-2019, followed by the Brant Foundation Jean-Michel Basquiat presentation in 2019. It will reappear in public after a year, part of an exhibition at the Fondazione Palazzo Strozzi in Florence from September 2027 to January 2028.
The auction opened with strong results for ultra-contemporary, despite the category having significantly compressed its importance in these evenings’ sales since the fresh post-pandemic painting boom. Chinese artist on the rise Ding Shilun set a new record in its New York auction debut, with Three Princesses fetching $358,400 against a more conservative estimate of $50,000-$70,000. The result follows the artist’s recent solo show at ICA Miami, which put him on the international radar and fueled a secondary market; last year, another work sold well above estimate Phillips London for $149,600. Lot 2 in the sale confirmed the continued growth of the Japanese artist Yu Nishimurawith Carpet of leavesa beautiful example of his meditative paintings that combine the human figure and nature, nearly reached the million dollar mark, selling for $998,400 from its estimate of $120,000-180,000 and setting a new record for the artist. Nishimura’s prices have been risingespecially after his acclaimed solo show at David Zwirner, followed by the announcement of his representation.
Another highly sought-after ultra-contemporary name followed soon after, with one of his greatest works Joseph Yaeger ever appear at auction, The euphemismfetching $320,000 of its estimate of $80,000-$120,000 and also setting a new record, as access to the artist’s works has become almost impossible. This work is the first of five by the artist scheduled to appear at auction in New York this season. Also on the ultra contemporary side, Florian KrewerS ‘ night huntersrealized $256,000 of its $120,000-$180,000 estimate, also marking a new auction record for the artist.
Sitting within expectations, an intimate Elizabeth Peyton the painting was sold for 1.9 million dollars, while Ed RuschaS ‘ Mountain Me met its high estimate after fees, selling for $6.95 million, followed by Alma Thomaskaleidoscopic pink Cherry blossom roseswhich exceeded its estimate to sell for $3.9 million. Exceeding expectations was also Helen Frankenthalerof 1964 Cape Orangewhich sold for $7.3 million, the second-highest price ever achieved at auction for the artist, just as Frankenthaler is the subject of an extensive show at the Gagosian in Chelsea.
More high scores came a little later, with Andy WarholS ‘ Brigitte Bardot reaching $24.8 million, followed by six bidders who pushed that amount above its $14-18 million estimate and set a record for a limited series work. Coming to auction for the first time, after being held in Gunter Sachs Collected for more than 50 years, this 1974 work belongs to a legendary series of eight Bardot paintings commissioned by Gunter Sachs, Bardot’s husband from 1966 to 1969. Another highly anticipated was the stunning Fontana from the Venezia series. Spatial concept, Sky of Venicewhich fetched $16.4 million against its estimate of $10-15 million after being chased by six bidders in five minutes, setting a new record for a work from the series.
Despite the history and publicity, Keith HaringS ‘ Self portraitcoming up for auction for the first time from his best friend’s collection Kermit Oswaldcame down within the estimate to $4.3 million, covered by a guarantee. Also falling short of its high praise was the monumental white and pale six-foot-square grid of Agnes Martin, Untitled #10 (1981), which fetched $7.2 million, or $8.9 million with fees, out of its $7-10 million estimate.
Most of the other results fell within strategically set estimates and the underwriting scenario was often active, with some moments of excitement and deeper bidding accompanying other highlights, such as Mark Rothko 1996-1997 No titlewhich sold for $16.5 million. Part of trove Jean and Terry de Gunzburgwhere it had been held for 26 years, the work was also included in a major exhibition at the Menil Collection in Houston, which revisited the Chapel commission.
Another important charge Sotheby’s secured Jennifer Gilbert’s collection for this auctionsold to benefit her upcoming art foundation, Lumana in Detroit. The absolute highlight was that Kenneth Noland, markan early masterpiece by the artist, dated 1978 and one of the largest works of this format, which, as expected, also set a new record, selling for $5.5 million. A little later, Gilbert’s Joan Mitchell Loom also sold to one bidder in the room for $7.8 million after being chased by five bidders. She bought it at a very different time on the artist’s market in 2013 for $1 million.
At the end of the evening, another artist record was set on the contemporary side: Sarah WedS ‘ Day Away realized $614,000 of its estimate of $300,000-$500,000. Overall, Sotheby’s solid results confirm a new level of confidence in a market that has clearly left the speculative race behind and found a new stability in reasonable valuations that meet bid demand, as much as the security of a strategic scenario with guarantees and irreversible offers to keep pace. Notably, Asia was also prominent again in the sale, following some of the top lots, including works by Willem de Kooning (lot 2), Mark Rothko (lot 8), Ding Shilun (lot 101), Yu Nishimura (lot 102), Ed Ruscha (lot 105), Agnes Martin (lot 118 and 12). David Hockney (lot 125) and Andy Warhol (lot 140). Of these, Hockney and Warhol were both sold to collectors in Asia.
The May auction round continues next week with Christie’s highly anticipated Masterpieces: The Private Collection of SI Newhouse on Monday, May 18, which is expected to gross in the region of $450 million.
