A Historic Moment

The moment has arrived.

This weekend here in New York, after two years of anticipation, we will proudly open Sotheby’s new galleries inside the legendary Breuer building on Madison Avenue. The Breuer is an architectural landmark and will now become one of the world’s premier destinations to view fine art and luxury objects.

Longtime admirers of the Breuer, dating back to its 1966 opening as the original Whitney Museum, will be pleased with what they find. Lead architects Herzog & de Meuron have preserved everything that makes the building glorious. The lobby lights, the bluestone floors, the bush-hammered concrete walls, the trapezoidal windows – they’re all there, revitalized, ready for you to experience all over again. 

The Breuer opening will culminate a banner year for Sotheby’s. We’ve just completed the best third quarter in our 281-year history and there is discernable momentum across regions and categories, with buyer demand continuing to set records.

Nowhere has this been more evident than in Europe. Tallying up our large recent art sales in London and Paris over the last six weeks, we sold over 500 works totalling over $325m, with a 95% sell through rate and 74% selling above their high estimate.

October’s results underscore the breadth of engagement across categories.

• Sotheby’s established a new precedent for David Hockney’s iPad drawings, creating a lasting benchmark for his digital works. The largest group ever to come to auction, The Arrival of Spring more than doubled its high estimate.
• The Distillers One of One, the world’s biggest charity whisky auction, brought together a collection of one-off, never-to-be-repeated Scotch whiskies. It was 100% sold, achieved 365% of the low estimate, and set 30 auction records in the process – highlighting the strong demand for rare, unique offerings.
• The London Contemporary Art sales achieved our strongest October evening total since 2023, up 25% from 2024.
• Just a week later in Paris, Amedeo Modigliani’s Elvire en buste soared to €27 million and set a new record for a Modigliani sold in France. It also became the most valuable work ever sold by Sotheby’s Paris.

These are not isolated outcomes. They reflect a market defined by confidence, by a return of exceptional property to market, and by collectors who are increasingly strategic in their engagement. After several years of measured restraint, sellers are reentering with conviction – and being rewarded for it.

Momentum is with us. Europe stands as a harbinger of what lies ahead for The New York Sales. As we open the doors to the Breuer, it’s clear that this next chapter for Sotheby’s will be defined by growth, innovation, and a deep respect for the timeless power of art and architecture to inspire.