The highs and lows of New York ‘gigaweek’

Sotheby’s and Phillips are continuing to gamble on guarantees to attract art.

Since 2016, when Christie’s and Sotheby’s squished their November Impressionist and Modern and post-war and contemporary art sales into one week, these few days have become known as “gigaweek”, when billions of dollars worth of art hits the auction block. Last year’s sale totals were hard to beat due to the $450.3m sale of the Salvator Mundi, the most expensive work of art ever sold. This year, however David Hockney became the world’s most expensive living artist when his “holy grail” pool portrait sold for $90.3m.

Source: The highs and lows of New York ‘gigaweek’ | The Art Newspaper

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