Art

Basquiat Leads Sotheby’s High-Stakes May Auctions

A rediscovered Basquiat headlines Sotheby’s May 2025 Evening Sales, alongside works by Picasso, Fontana, and Lichtenstein, amid a cautious but focused market.

Por: Angela Leon Cervera April 29, 2025

This May, Sotheby’s will present a rediscovered early work by Jean-Michel Basquiat as a star lot in its Contemporary Evening Auction in New York, marking the first time the piece has been seen publicly in 36 years.

Created in 1981, when the artist was just 20 years old, the untitled five-foot-wide painting captures the raw energy and mystique of Basquiat’s early rise—what many collectors consider his most desirable period.

Estimated between $10 million and $15 million, the work is expected to reignite top-tier market interest in a season where volume is down, but quality is high. “Because there’s less volume, you need to be more astute,” said Grégoire Billault, chairman of contemporary art at Sotheby’s.

What Are the Other Key Highlights?

The season’s momentum rests on three major private collections:

12 works from the Barbara Gladstone estate
Over 40 pieces from the Roy Lichtenstein Foundation
The “Im Spazio” collection from Daniella Luxembourg, emphasizing postwar Italian and American abstraction

Top Contemporary lots include:

Lucio Fontana, Concetto spaziale, La Fine di Dio (1963) – Est. $12M–$18M
Frank Stella, Adelante (1964) – Est. $10M–$15M
Robert Rauschenberg, Rigger (1961) – Est. $8M–$12M
Ed Ruscha, That Was Then This Is Now (1989) – Est. $7M–$10M

Meanwhile, the Modern Evening Sale, scheduled for May 13, includes:

Pablo Picasso, Homme assis (1969) – Est. $12M–$18M
Georgia O’Keeffe, Leaves of a Plant (1942) – Est. $8M–$12M
Henri Matisse, Le Bouquet d’anémones – Est. $1M–$1.5M
Alexander Calder, Four Big Dots – Est. $6M–$8M

What Are the Market Expectations?

Sotheby’s projects that its Modern and Contemporary evening sales will yield between $382.9 million and $525.2 million, slightly above last May’s range.

Of that, the Contemporary evening offerings (including The Now Sale) are expected to total $142.6M–$206.5M, while the Modern Evening Sale alone is projected at $240.3M–$318.7M—a substantial rise from last fall’s $92.3M–$135M.

While global art sales dropped 12% in 2023, and mega-collections like Macklowe or Paul Allen are absent, Sotheby’s is confident that fresh-to-market works will be the differentiator.

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What’s Driving the Strategy This Season?

According to Billault, the key is delivering rarity and relevance: “This may not be the biggest season, but just imagine being able to buy what Barbara Gladstone was collecting for forty years.” The market remains highly selective, but London, Paris, and Hong Kong have shown that serious buyers are ready—if the work is exceptional.

By spotlighting underexposed or long-hidden pieces, Sotheby’s is not only navigating a quieter market, but potentially shaping a new narrative for 2025.

Sotheby’s May 2025 Evening Sales

When do the auctions take place? Exhibitions run May 2–15, with Evening Sales beginning May 13 at Sotheby’s York Avenue galleries in New York.
What is the estimate for the Basquiat painting? Between $10 million and $15 million.
Who are the featured artists in the top lots? Basquiat, Picasso, Fontana, Rauschenberg, Stella, Ruscha, O’Keeffe, Matisse, and Calder.
What are the highlights from private collections? Works from the estates of Barbara Gladstone, the Roy Lichtenstein Foundation, and Daniella Luxembourg’s "Im Spazio" group.
How does this year compare to previous sales? Estimates are up slightly over May 2024, despite fewer consignments, suggesting a strategy focused on high-caliber works.

With rarities like a rediscovered Basquiat and major works from legendary collections, Sotheby’s May 2025 Evening Sales are poised to demonstrate that freshness and prestige still drive collector appetite—even in a market defined by restraint.