Lot Watch: The 18 Top Lots to Watch at the 2025 November Marquee Auctions
The New York November marquee sales have arrived, and despite a market that's been selective rather than euphoric, the 2025 season is delivering serious firepower. Sotheby's is dominating the upper stratosphere, Christie's is bringing Surrealist heat and Modern masterpieces, and Phillips is swinging with a spectacular Max Ernst sculpture and a seven-figure dinosaur skeleton that's pure spectacle. The catalogues reflect a market that's confident in true trophies—fresh-to-market works with impeccable provenance—while remaining disciplined elsewhere.
Previews have been packed, bidding paddles are ready, and the sales kick off next week. Here's your essential guide to the 18 lots that everyone in the art world is talking about right now.
1. Gustav Klimt – Bildnis Elisabeth Lederer (1914–16)
Sotheby's Modern Evening Auction, November 18 Estimate on request (expected north of $80 million)
The undisputed star of the season. This luminous portrait of the Viennese society beauty Elisabeth Bachofen-Echt (née Lederer) has remained in the same family since it was painted. The shimmering silver and gold background, the exquisite detailing of the dress—it's peak late Klimt. The painting carries third-party guarantee but the buzz is that it will sail past $100 million.
2. Frida Kahlo – El sueño (La cama) (1940)
Sotheby's, November 19 Estimate $40–60 million
The most important Kahlo ever to come to auction. This surreal vision of the artist floating on a bed in the clouds, with Judas figures ready to explode above her, is being positioned to shatter Kahlo's current $34.9 million record and potentially the record for any work by a woman artist. The painting has been off the market since the 1950s and comes with impeccable provenance.
3. Mark Rothko – No. 7 (Dark Over Brown) (1958)
Sotheby's Contemporary Evening Auction, November 20 Estimate $70–90 million
A classic large-scale Rothko in brooding browns and deep reds from the artist's most sought-after Seagram Mural period. Fresh to market from a private European collection, this painting has the kind of emotional weight that makes Rothko collectors lose sleep. Third-party guaranteed, but expect serious competition.
4. Piet Mondrian – Composition No. II, with Red, Blue, and Yellow (1930)
Christie's 20th Century Evening Sale, November 19 Estimate $50–70 million
The ultimate Mondrian—perfect grid, perfect colors, perfect provenance from the artist’s estate. Last seen in public in the 1980s, this painting is the definition of a trophy. When these prime-period Compositions appear, they redefine collections.
5. Max Ernst – The King Playing with the Queen (1944, cast 1954)
Phillips 20th Century & Contemporary Art Evening Sale, November 21 Estimate $25–35 million
The greatest Ernst sculpture in private hands. This monumental bronze (over six feet tall) is one of only two large casts ever made, with the other in the MoMA collection. The surreal chess game between the horned King and his diminutive Queen is pure Ernstian wit and menace. This is the sculpture that will define the Phillips sale.
6–18. The Rest of the Heavy Hitters (Highlights)
- Cy Twombly – Untitled (Bacchus) (2005) – Christie's, $60–80m The largest of the Bacchus paintings to ever appear at auction, with those wild red loops on cream ground.
- Claude Monet – Le Bassin aux nymphéas (c. 1919) – Sotheby's, $50–70m A late, lush water lilies canvas with exceptional color saturation.
- Jean-Michel Basquiat – Untitled (1982) – Phillips, $45–65m Classic skull painting from his peak year, fresh from a European collection.
- Pablo Picasso – Femme assise près d'une fenêtre (Marie-Thérèse) (1932) – Christie's, $55m on request Another Marie-Thérèse masterpiece to follow the $139m record setter.
- Alberto Giacometti – Femme debout (1948) – Sotheby's, $30–40m One of the tallest standing women bronze conceptions.
- Gerhard Richter – Abstraktes Bild (1994) – Christie's, $25–35m The squeegee painting with the perfect color combination.
- David Hockney – California Landscape (2020) – Phillips, $20–30m A massive iPad painting from his Normandy period.
- Yayoi Kusama – Infinity Nets (2008 – Sotheby's, $15–20m A large white net painting with exceptional provenance.
- Brice Marden – The Seasons (1990–91) – Christie's, $18–25m The monumental four-panel masterpiece from his cold mountain series.
- Joan Mitchell – Noon (1969) – Sotheby's, $18–25m A blazing abstract from her greatest period.
- Stan the T. rex Skeleton – Phillips Natural History Sale, November 22 Estimate $6–8 million Yes, really. The most complete T. rex specimen in private hands. The ultimate trophy for the billionaire who has everything else.
- Peter Doig – Ski Jacket (1994) – Christie's, $20–30m The iconic double-self portrait that defined the artist's market.
- Willem de Kooning – Woman as Landscape (1955) – Sotheby's, $40–60m A rare appearance of one of the great Woman paintings from the 1950s.
Market Context
As one adviser told me last week, "The middle market is soft, but these trophies? They're bulletproof." The concentration of true masterpieces in this November cycle—particularly at Sotheby's—suggests that the top end of the market remains remarkably resilient even as volume contracts.
All the major auction houses have confirmed that every lot listed above carries financial guarantees, indicating strong seller confidence. The presence of so many fresh-to-market works with museum-quality provenance is exactly what the market has been waiting for.
The sales begin Monday. Place your bids accordingly.
FAQ
1. When are the 2025 November marquee sales? The main evening sales run November 18–21, with Sotheby's Modern on 18th, Christie's 20th Century on 19th, Sotheby's Contemporary on 20th, and Phillips on 21st.
2. Which auction house has the strongest offering this season? Sotheby's is dominating the top end with the Klimt, Kahlo, Rothko, and de Kooning, among others. They're expected to take the lion's share of the week's total.
3. Is the Frida Kahlo really going to break the record for a woman artist? The current record is $34.9 million (also Kahlo). At $40–60 million estimate and with multiple interested parties already confirmed, it's extremely likely to exceed $50 million with fees.
4. What's the story with the T. rex at Phillips? "Stan" is the most complete Tyrannosaurus rex specimen known, previously on museum tour. It's expected to set a new auction record for dinosaur specimens.
5. Are these sales in-person or online? All major evening sales are live in New York with global online bidding. Christie's and Sotheby's are also streaming with telephone and online participation at record levels.
6. Where can I view the works in person? Previews are ongoing at all three houses in Rockefeller Center (Christie's) and York Avenue (Sotheby's and Phillips). The final weekend is November 15–17.
7. Any dark horses or sleeper lots people are talking about? Watch the Avery Singer at Christie's day sale and the Salman Toor at Sotheby's The Now sale—both have serious collector interest and could surprise to the upside.