Christie’s Faces Challenges as Auction Week Commences

The highly anticipated auction of the Riggio family's art collection, who amassed their wealth through the Barnes & Noble bookstore chain, fell flat with minimal enthusiastic bidding — a possible warning for the art market.

Subdued Atmosphere at the Auction

The evening at Christie’s in New York, expected to be a highlight of the auction season, did not live up to expectations. The atmosphere was marked by reserved telephone bidding and anxious staff. This lack of fervor has been attributed to uncertainties in the economy, particularly concerning the implications of then-President Trump’s tariffs on the international art sector.

Details of the Riggio Collection Sale

Featuring nearly forty pieces from Louise Riggio, assembled with her spouse Leonard Riggio, every art piece was secured with a minimum guarantee from the auction house. Christie’s endeavored to minimize their risk by securing pre-sale offers from external purchasers for works by renowned artists like Piet Mondrian, Pablo Picasso, and Alberto Giacometti.

At first glance, the auction achieved a headline-grabbing $272 million total, inclusive of fees. However, the reality was less impressive once fees were excluded, failing to reach the low estimate of $252 million projected by the auction house before opening.

Adrien Meyer, the auctioneer, occasionally struggled to encourage bidding, particularly on a lower-priced Picasso piece that eventually secured a sale within its estimate at $567,000, fee-inclusive.

Top Highlights of the Auction

The most prominent sale from the Riggio collection was a Mondrian piece that once graced the entryway of the couple's Park Avenue residence, fetching $47.6 million inclusive of fees. Despite this, it did not surpass the $51 million record set previously at Sotheby’s for a similar piece, illustrating subdued results.