Explosive Art Market Weekly: Auction Records and Scandals (May 12–18, 2025)
Dive into this Art Market Weekly summary of May 2025: record auction sales (Mondrian, Wright lamp), a $70M Giacometti flop, Frieze New York highlights, fake Warhols & repatriation drama, plus online sales vs. UK auction trends.
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The art world’s headlines this week were nothing short of dramatic. Collectors and gallerists witnessed jaw-dropping auction results alongside high-stakes controversies. From Christie’s New York to Frieze New York 2025, the market swung between record-breaking triumphs and public flops. We saw the latest Piet Mondrian masterpiece sell for an eye-watering price, an Alberto Giacometti bust fail at a reported $70M estimate, and even a rare Frank Lloyd Wright lamp shatter its auction record.
At the same time, legal fireworks erupted: Miami authorities charged a dealer over fake Warhols, and an ancient Indian bronze idol was seized and slated for repatriation. We round up these stories and more in this edition of Art Market Weekly, with essential links to Aurora & Athena’s own archives and previews for collectors.
Auction Fever: Records, Surprises, and Shortfalls
Mondrian’s Masterpiece: On May 12 in New York, Christie’s sold Piet Mondrian’s Composition with Large Red Plane, Bluish Gray, Yellow, Black and Blue (1922) for $47.6 million, making it one of the Dutch modernist’s highest-ever auction prices (news.artnet.com). Hailed as the star lot of the “Leonard & Louise Riggio” collection sale, the abstract grid painting nearly eclipsed Mondrian’s auction record (the record is $51M, set in 2022 (news.artnet.com)).
Although it technically fell just short of that mark, it helped Christie’s evening sales (two back-to-back sales) reach a combined $489 million (artsy.net).
The Riggio sale (modern and Surrealist works) alone hammered at $272M (artsy.net) – well above the presale estimate – showing that top-tier collectors still covet Mondrian’s striking geometry. (For those interested, Aurora & Athena’s sold-lots archive includes past highlights of similar important works, such as paintings by Nicolai Fechin and Filipp Malyavin.)
Giacometti Bust Fizzles: In a stunning contrast, Sotheby’s New York saw its marquee modern-art lot go unsold. Alberto Giacometti’s Grande tête mince (1955), a slender bronze bust of his brother Diego, carried a hefty $70 million estimate. Yet at the May 13 evening sale it “failed to sell,” leaving the packed room in disbelief (news.artnet.com). The sculpture started at $59M but drew no bids above $64.2M, and the hammer dropped for “no sale.” Artnet reports that even Sotheby’s executives were caught off-guard by the outcome (news.artnet.com).
Market watchers blamed the outcome on over-optimistic pricing: dealers suggested the $70M high estimate was aggressive when the market is cautious (news.artnet.com news.artnet.com). (For context, Giacometti’s auction record is $141.3M, set in 2015 for Pointing Man, but that was an outlier.) This flop at Sotheby’s exemplifies how sensitive the high end is: top collectors now hesitate without guarantees, and even iconic names can stall if the price feels too rich.
Record-Setting Design Object: Even as some modern-art lots cooled, one entry in the design sector heated up the charts. Sotheby’s reported that an original Frank Lloyd Wright “double-pedestal” table lamp, designed in 1903 for the Dana-Thomas House in Illinois, sold for $7.5 million on May 13 (wallpaper.com). That price made it the most expensive Frank Lloyd Wright design ever sold at auction. The lamp – one of only three made – set a new benchmark for the architect’s lighting fixtures (wallpaper.com).
Sotheby’s co-head of 20th-century design, Jodi Pollack, noted that this century-old piece is “one of the great icons of design” from America’s greatest architect (wallpaper.com). In short, collectors appear eager for museum-caliber design rarities: the Wright lamp’s nine-figure price shows there’s strong demand at this niche.
Legal and Ethical Flashpoints
Fake Warhols in Miami: Lurking beneath the auction buzz was a parallel drama in Miami’s art trade: an alleged forgery ring involving Andy Warhol images. U.S. authorities have linked several cases of dealers selling purported Warhols that later proved fake. A January 2025 lawsuit alleged that a family paid $6 million for a group of Warhols, only to learn from Christie’s experts that the works were forgeries (shb.com). (The gallery director was accused of even posing as an Andy Warhol Foundation official to falsely validate the paintings (shb.com).) Then last week, the FBI swooped in.
Agents raided Miami’s Coconut Grove Fine Art Gallery and indicted its owner, Leslie Roberts, on federal fraud charges for hawking counterfeit Warhols (local10.com). Police say Roberts sold the fakes by falsely claiming they came “directly from the Andy Warhol Foundation” and handing over forged invoices (local10.com).
He’s now facing wire-fraud and money-laundering charges. Investigators note this is just one of several recent sting operations: other dealers have also been implicated. The takeaway for collectors is ominous: even blue-chip names like Warhol can be counterfeited, so due diligence is more crucial than ever.
Repatriation: Indian Bronze Idol: Also grabbing headlines was a cultural repatriation saga involving India. A rare bronze idol of Kannappa Nayanar – a famed Hindu devotee – had been stolen in 2010 from a temple in Tamil Nadu. It was recently slated for sale at a European art fair. Prompted by an alert from India’s authorities, Dutch officials intervened just before the auction. They seized the 15th-century bronze and are arranging its return to India (indiatimes.com).
This case echoes a growing movement: nations are aggressively tracing looted or stolen sacred art. India’s Ministry of Culture had warned that certain Buddhist relics (the Piprahwa gems) should be repatriated rather than sold abroad (aljazeera.com). Now this idol story shows India is applying legal muscle to protect its heritage. Auction houses and galleries worldwide will be watching such cases closely – the message is clear that museums and governments are increasingly united in enforcing cultural property laws.
Frieze New York 2025: Momentum and Curated Vibes
While auctions made headlines, May’s New York art fairs provided another beat. Frieze New York (May 7–11) took place at The Shed in Manhattan, this year under new ownership (it was acquired by former Endeavor CEO Ari Emanuel). The 13th edition returned to its more boutique scale: about 65 galleries from 25 countries participated (artandobject.com). Frieze organizers declared the fair “defied expectations” and injected fresh energy into the spring calendar (artandobject.com). On a practical level, 25,000 visitors from 60 nations passed through the fair halls (artandobject.com). Many big collectors from Asia and Europe stayed home this year, but wealthy U.S. buyers showed up in force, suggesting Americans see now as a buying opportunity (observer.com news.artnet.com).
Galleries took note of the cautious mood. Instead of sprawling multi-artist booths, most opted for tight, single-artist presentations. For example, Pace Gallery spotlighted two American artists: Adam Pendleton paired with Lynda Benglis. That strategy “paid off”: by preview day’s end, Pace had sold several Benglis works (at $275K–300K each) and placed six Pendleton paintings (at $165K–425K) (observer.com). A Pace spokesperson noted this dovetailed with Pendleton’s new Hirshhorn exhibition and recent MoMA acquisitions, and clearly resonated with collectors.
Across the floor, Gagosian went big on spectacle. It dedicated its booth to Jeff Koons, anchoring with three enormous inflatable-like Hulk (Tubas) sculptures on a polka-dot backdrop (artandobject.com observer.com). One of these “Hulk” pieces reportedly sold on opening day (likely in the low millions by comparison) – a sign that Koons’s popalism still drives interest. A Gagosian director told the press the fair “off to a great start” with “phenomenal” response to the booth. Meanwhile, Hauser & Wirth reported brisk sales across its diverse booth. By afternoon of preview day they had placed over 25 works (including a $1.2M Rashid Johnson painting) with prices ranging from $20K to $1.2M (observer.com). Hauser’s president noted the “incredibly upbeat” atmosphere and strong collector interest.
In short, Frieze NY felt optimistic. Although scaled down from previous years, the fair’s “responsive” curation led to solid transactions (artandobject.com). Solo shows and market-ready names like Koons, Pendleton, Levine, and Johnson sparked conversations and sales. The fair’s performance – alongside similar early sales at the neighboring NADA fair – reinforced that this spring sees more “buying” than balking. (Collectors who missed Frieze can view highlights on the Frieze website and watch our site for a preview of Aurora & Athena’s own next auction catalog, coming soon.)
Market Pulse: Online Surge vs. UK Auction Slump
Behind the scenes, wider market trends are reshaping the scene. Data from recent reports paint a bifurcated picture. Auction sales at the ultra-high end have cooled sharply: Artnet’s March 2025 industry report noted that global fine-art auction revenues plunged 27.3% in 2024 (to about $10.2B) (news.artnet.com). Trophy lots over $10M dropped even faster, reflecting risk aversion among the super-rich. Notably, the UK market has been particularly weak: Artnet found the U.K. just had its weakest art-auction total in a decade (news.artnet.com). Many London evening sales were cautious, and Sotheby’s recent UK accounts have blamed Brexit-era red tape for damping turnover (news.artnet.com). In summary, traditional auction venues (especially in Europe) are facing headwinds.
By contrast, the online art market is booming in volume. Artnet reports a “surge” in online sales as younger and mid-tier collectors come online (news.artnet.com). Dealers’ own websites and digital platforms have dramatically expanded market reach (online channels have more than doubled their share since 2019, by some measures). In Art Basel/UBS’s latest report, gallery and lower-tier auction sales showed relative resilience – the decline was concentrated at the top end (artbasel.com). Digital platforms, savvy social media auctions, and secondary-market sites have attracted a fresh cohort of buyers. This trend was evident at Frieze, where booth sales in the five-figure ranges felt brisk.
In practical terms, online convenience is keeping the market active even as big-ticket auctions waver. The lesson for sellers is clear: smaller, more affordable works are moving, and presenting art online is now essential. For example, mid-priced art (in the $100K–$1M range) was a bright spot in 2024, suggesting “mid-tier” collectors are again driving sales (news.artnet.com). Meanwhile, UK auction houses may need to lean into online sales and private deals to offset their local struggles.
As this week’s events show, the art market is in flux. World-class auctions set new records and triggered puzzles, while art fairs and online channels keep the wheels turning. Collectors, dealers, and artists alike are adapting to this new landscape. For those tracking these shifts, our Aurora & Athena resources can help. In our sold-lots archive you’ll find examples of auction success.