It would be very tempting, after seeing the $1.12 billion achieved last night at Christie’s, to declare that the art market is back. This was, after all, the second-largest auction total notched in a single evening, behind the $1.5 billion Paul Allen sale of November 2022. And I would certainly not take anything away from the team at Christie’s, who clearly worked very hard to make the night a robust success—not only by selling the top lots well, but also by lining up strong bidding on many of the smaller lots in both the Si Newhouse and various-owners sales. In fact, at the very end of an obviously successful evening, Christie’s team canceled its usual press conference, as if to walk off the field and celebrate in private, satisfied but also maybe exhausted. The art market isn’t for sissies.