The global art market is preparing for a pivotal week as major auction houses roll out high-value sales they hope will pull the sector out of its current slump. CNBC’s Robert Frank reports that the industry is eyeing roughly $1 trillion in overall global wealth shifts as a potential catalyst, with several marquee works expected to act as this season’s “golden ticket” for buyers and sellers.

New York

The global art market is preparing for a significant test as over $1.4 billion in artwork is set to be auctioned in New York. This comes after three years of market decline, with hopes that improved economic conditions and exceptional collections will boost demand.

Highlight pieces include a Gustav Klimt portrait estimated at $150 million, rare works from notable collections, and a 220-pound solid gold toilet by Maurizio Cattelan. The auctions are seen as a potential turning point, with both Sotheby's and Christie's offering high-value works and increased supply fueling optimism for a market rebound.

Art market faces $1 trillion test as major auctions begin

The art market hopes to get out of bare territory with a big week of auctions, including a golden toilet. Robert Frank joins us right now with more. That's an interesting best foot forward play. Golden toilet. Becky, great to see you. Well, they're hoping that next week will finally end three years of decline in the art market. In fact, more than one point four billion dollars worth of art expected to sell at the auctions next week. And the hope is that lower interest rates, the rising stock market, all this wealth creation that we've seen in the past few years will finally help to boost demand. Here's what the Sotheby's CEO told us about what he's seeing. Our demand levels have been at have been setting records, whether that's bidders per lot or our hammer versus our low estimate or our sell through rates. So what we've seen more recently, though, is the supply side catching up with the demand. Something's definitely shifted in the last two months and that increase in the supply side, meaning just incredible works of art that are coming up for auction next week. That is what many hope will be the big change, because you have works from the collection of the late Leonard Louder, as well as works from the collections of Jay and Cindy Pritzker. Both of those big collections here at Sotheby's. It includes this famous Klimt portrait of Elizabeth Letter, and that's estimated at one hundred and fifty million dollars. That's going to be the most expensive piece probably sold in over a year to other Klimt landscapes. Very rare to see a Klimt, let alone three of them in the same auction. Christie's has a classic Monet water lily that's going to be popular as well as Becky and Joe's favorite. A Rothko. It's got two colors, maybe even three called Yellow Stripe. And Becky, you mentioned it, the piece that everyone is talking about. It is the Maurizio Catalan. He's the same artist that brought us that six million dollar banana last year comes this. It's called America. It is a solid gold toilet. Two hundred and twenty pounds of gold. So if you just melted it down, guys, this toilet would be worth about 13 million dollars based on today's gold prices. We're going to have to see what it sells for. But clearly another sign that the art market is very flush right now. Guys, 13 million dollars. You think it'll go for more or less now that they've melted it into a toilet? I think it's going to go for a multiple of 13. Look, if if Catalan can get six million dollars for duct tape and a banana, I mean, just the materials in that toilet. And everyone is talking about it. It's one of those pieces that whoever has it is going to be a well-known piece. The buyer, according to The New York Times, is Steve Cohen, of course, the hedge fund manager who also owns the New York Mets. I guess he would rather put that money toward pitchers and players for next year's season than the gold toilet. But it is a working toilet. You can actually hook it up. Well, that's what I was going to ask you. And does it? I mean, no. I have recently thought about the beauty of porcelain and why it was designed, because nothing that it's very nothing. No, nothing sticks to it. And immediately. No, one flush and everything is mostly gone. At most, you might need two flushes. I mean, think if it was like porous concrete. Porous concrete. You'd never get that toilet. It would never. That's disgusting. It is disgusting. But porcelain, Robert, was a great invention. And I'm wondering whether gold works as well as porcelain and just being. Robert, go in there and give it a check out for us. Give it a check out. I'll give it the morning constitution and try it out. Yeah, it's interesting. There are actually two of these. This is number two, so to speak. Oh, Jesus. Okay, stop. That's not funny. The first one was at the Guggenheim. There were long lines to see it back in 2016. Went to Blenheim Palace in England where it was stolen and melted down. So this is actually the second of those and the only one left. I'm not a fan of all of this art, but that clint behind you is gorgeous. It is amazing. All three of them. All three of them. This is really a moment, and it's because of the quality of work that people are so hopeful for next week that finally we're going to break this three years of decline.

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