Q4 2025 Highlights

Q4 2025 closed with a strong signal from the upper end of the global art market, led by Sotheby’s New York autumn sales. The auction house’s November series, staged from the former Breuer building, was anchored by trophy-level modern material—most notably Gustav Klimt’s Portrait of Elisabeth Lederer, which sold for $236.4M (Sotheby’s New York; covered by Wall Street Journal). In the same fortnight, Sotheby’s also set a new auction record for a female artist with a Frida Kahlo self-portrait at $54.7M (reported by The Guardian).

At the global level, the clearest Q4 read came from the broader New York season across the major houses. November’s auctions delivered roughly $2.2B in total season value, with private collections contributing approximately $815.8M—about 45% of the month’s total—underscoring how estate-led material continues to shape headline momentum and compress value at the top (MyArtBroker).

Taken together, the quarter reinforced a familiar pattern: selective strength for rare, institutionally validated works, alongside a more cautious and price-sensitive environment elsewhere. Sotheby’s results offered a clear reference point as the market moved toward 2026, underscoring the continued primacy of quality, provenance, and historical significance.