Art market sees resurgence in high-value trophy lot sales

The high-end art market is seeing a resurgence driven by ‘trophy lots’—rare, iconic masterpieces that command massive media attention and symbolic value. Between 2025 and 2026, a return of confidence in the top segment of the market has fueled significant international auction activity.

Recent sales highlights include Gustav Klimt’s ‘Portrait of Elisabeth Lederer’, which sold at Sotheby’s in New York for $236.4 million, making it the most expensive modern work ever sold at auction and the fourth most expensive painting overall. In London, the Lewis Collection auction at Sotheby’s achieved a record-breaking single evening total of £393.4 million ($520.7 million), featuring works such as Amedeo Modigliani’s ‘Nu assis au collier’ for £48.2 million and Edgar Degas’s ‘La petite danseuse de quatorze ans’ for £25.1 million.

While some works like Paul Gauguin’s ‘Nafea foia ipoipodi’ have seen value adjustments following legal proceedings, the market for museum-quality pieces with prestigious provenance remains robust, with top-tier paintings frequently exceeding the €100 million threshold.