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The Middle Market’s Big Shift

While the big money has returned, auction houses are reducing estimates for cheaper works to entice buyers and minimize their losses. Now, the latest data reveals a big shift is taking place in the middle market, too.

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Yü-Ge Wang at Christie's
Auctioneer Yü-Ge Wang sells Gerhard Richter's “Kerze (Candle)” at Christie's auction. Photo: Courtesy of Christie's
Marion Maneker
June 17, 2026

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There was hope that the success of the all-important May sales in New York would loosen purse strings and usher in a new spirit of acquisitiveness for art collectors. From my conversations with dealers, however, those hopes were misplaced, or will at least require patience. It remains as hard as ever to get works sold, although many dealers tell me they’re making bigger deals… when they’re able to make them.

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