What a $45 Million Basquiat Says About the Art Market Right Now

The canvas has been featured in almost every major exhibition of Basquiat’s work at institutions ranging from the Gagosian Gallery in Los Angeles to the Fondation Beyeler in Switzerland. Museum Security is currently on public view at Sotheby’s New York City headquarters at the Breuer building before touring to Hong Kong, Los Angeles, and London. The piece will return to the Upper East Side for a final pre-sale exhibition before it hits the auction block for the first time in more than a decade.

Sotheby’s also secured the 24-piece collection of late dealer and collector Robert Mnuchin. Headlined by Mark Rothko’s Brown and Blacks in Reds with a high estimate of $100 million, the group is expected to yield more than $130 million. It would far eclipse Rothko’s previous auction record of $86.9 million for Orange, Red, Yellow. Not unlike Museum Security, Brown and Blacks in Reds is one of 15 paintings painted by Rothko in 1957 that measures over three feet tall. 

Christie’s also plans to sell works from the estate of media mogul S.I. Newhouse in May. The collection could generate over $450 million, largely due to two works with $100 million estimates, one by Jackson Pollock and another by Constantin Brancusi. Pollock’s characteristically drippy Number 7 and Brancusi’s gold-leaf-covered bronze Danaïde are each expected to exceed previous auction records for the respective artists. While not valued quite as high, pieces by Pablo Picasso and Jasper Johns will undoubtedly sell for hefty sums as well.

These nine-figure collections built by a generation of collectors whose wealth and prominence allowed them to amass masterpieces have recently become the art market’s saving grace. The 54% increase in sales during the latter half of last year was largely driven by the sale of single-owner collections like that of Leonard Lauder. As spring sales approach, the major houses are hanging their hats on similar results from high-value troves. Exactly how many more of these lucrative collections can be secured in the coming years is a question they are kicking down the road.