How the Heck Did Auction Houses Just Sell Almost a Billion Dollars in Art During a Global Pandemic?

The Art Angle · Jul 17, 2020 · 37m

Each May, as the flowers bloom and the evening light lingers, the world's largest auction houses hold their marquee spring sales in New York, enabling perennial market leader Christie's, its arch-rival Sotheby's, and insurgent Phillips to collectively bring in well over $1 billion in one so-called "gigaweek." But this spring, the COVID-19 shutdown left the Big Three's salesrooms unnaturally quiet in the Empire City and around the world. Starved of vital cyclical revenue, Sotheby's cut hundreds of jobs, while Christie's both restructured and downsized—with all of these moves indicating that…