There was little excited bidding on the art collection of the Riggio family, who built their fortune on the Barnes & Noble bookstore chain — a caution flag for the art market.
Chandelier bidding. Quiet phone banks. Executives wiping their brows.
One of the most anticipated auctions of the season proved to be anticlimactic on Monday evening at Christie’s in New York, where many objects were presold to guaranteed bids and there was little evidence of the enthusiastic buyers who defined the market’s peak in 2022. Experts said the sale was marred by the economic uncertainty surrounding President Trump’s tariffs and how they might hurt the global art market.
Louise Riggio consigned nearly 40 works from the collection she built with her husband, the Barnes & Noble founder Leonard Riggio, who died last year. A second auction on Monday night, called the 20th Century Evening Sale, fared better, with more artworks selling above their estimates and livelier bidding on the phones and in the room.
The auction house had guaranteed the consignors an undisclosed minimum amount for their entire collection and then worked feverishly in recent days to offload the auction house’s risk, object by object, by finding outside buyers to leave their own pre-sale bids on works by modern masters like Piet Mondrian, Pablo Picasso and Alberto Giacometti.
At first glance, the Riggio collection appeared to have done fine with a $272 million total, including buyer’s fees. But stripped of the fees, the sale fell short of the auction house’s pre-sale expectations that included a low estimate of $252 million.
“Coming in? It should be now, ideally,” said the auctioneer, Adrien Meyer, at one point, struggling to find bidders on one of the lower-priced items in the sale, a terra-cotta vase by Picasso that ultimately sold within its estimate for $567,000, including fees.
The top lot of the Riggio sale was a 1922 gridded painting by Mondrian that had once greeted visitors in the grand entryway of the bookstore tycoon’s Park Avenue apartment. It sold for $47.6 million, including fees. The canvas, “Composition with Large Red Plane, Bluish Gray, Yellow, Black and Blue,” fell short of the previous record for a Mondrian, $51 million, set just three years earlier at Sotheby’s.