Manhattan’s auction houses are buzzing with activity despite the art market’s recent slump. Sotheby’s, Christie’s, and Phillips are showcasing approximately 1,200 pieces, collectively valued between $1.1 billion and $1.5 billion—a sharp decline from the heights of November 2022. 

The highlight of the week was the sale of a Monet from the collection of the late beauty industry titan Sydell Miller. The global marketing efforts by Sotheby’s culminated in a successful auction, with all 25 pieces from the Miller collection selling and surpassing the highest pre-sale estimate.

Art advisor Abigail Asher remarked on the collection’s broad appeal, noting its diversity in price and period, which resonated well with the audience. The fervor was palpable during the sale of the Monet, which, after a 17-minute bidding war involving three contenders, sold to a client represented by Jen Hua of Sotheby’s Asia. The stakes are high in Manhattan salesrooms this week. The art market has been in a downturn for two years, affecting collectors’ confidence. The auctions at Sotheby’s, Christie’s and Phillips feature about 1,200 works, estimated at $1.1 billion to $1.5 billion. That’s a staggering 77-percent drop from November 2022, when Paul Allen’s record-setting collection was offered at Christie’s.

The Monet was the jewel of the collection of beauty-industry mogul Sydell Miller, who died in March at 86. Sotheby’s marketed and toured the collection around the world, and that paid off.

“It’s one of those collections that has something for everyone,” art advisor Abigail Asher said. “There’s a range of prices and periods, from wonderful quirky objects to mega stars. You saw the collector’s eye. People responded to that.”

Every one of the 25 Miller lots in the evening sale found a buyer, and the resulting $215.6 million total exceeded its high presale estimate of $205 million. (Final prices include fees; estimates don’t). The room was packed, and it took more than 30 minutes to sell the first five lots.

The battle for the Monet, which had been estimated at $60 million, drew three bidders and lasted 17 minutes. Sotheby’s guaranteed the lot for the estate and backed it with an irrevocable bid, ensuring it would sell. The winner was a client of Jen Hua, deputy chairman of Sotheby’s Asia.