Rich Offerings, Some Doubts, at New York May Sales

NEW YORK—As we enter one of the richest seasons of auction offerings to date, a shadow of doubt about the market’s resilience in the face of shaky economic indicators makes the upcoming sales all the more exciting.

Last month’s $600 million private sale of postwar art from the Ileana Sonnabend estate, which featured unheard-of prices for the likes of Jeff Koons and Roy Lichtenstein, gave the art world a much-needed confidence boost. And it stands to reason that some of that exuberance will animate the auction sales beginning next week, though it would be foolhardy to count on the svelte buy-in rates of a year ago.

Christie’s, Sotheby’s, and Phillips de Pury have been up to their usual tricks in the quest for market share, including giving away a percentage of the buyer’s premiums to some of the superconsignors who provide the rarest goods for the seasonal spectacle.

Click on the photo gallery at left to read about anticipated lots from Giacometti, Munch, Warhol, Judd, and Koons.