There was a palpable sense of activity in the air at this year’s edition of Art Basel, continuing the optimism that followed New York’s bulletproof marquee sales, where no less than $2.5bn of art sold across the three major auction houses. For the most past, galleries turned out in force with a strong selection of blue-chip secondary work, befitting the increasingly trade-orientated nature of Art Basel’s flagship fair. Risk-takers looking to capitalize on this period of market momentum were to be rewarded, with numerous seven and eight-figure sales reportedly executed during the opening days. That said, energy was concentrated around the center of the Messeplatz, where the largest galleries hosted sprawling booths; activity struggled to reach the further corners and second floor of the hall, where some primary-focused galleries found sales harder to come by.

The strong selection on display attested to galleries’ confidence, but also to a recognition that consignors should capitalize on current favourable market conditions – bolstered by the recent announcement of a fragile ceasefire in the Middle East. With oil prices still elevated, inflation fears persisting, and uncertainty lingering over the seemingly unabating AI trade boom, an overheated global economy could be expected to cool in the coming months. That said, there is a growing consensus among dealers and collectors alike that the idiosyncratic issues buffeting the art market over the past 24-36 months, namely those of primary oversupply and a gap in buyer and seller expectations, have largely receded, at least for the core, blue-chip segment of the market. Further, amidst a seemingly endless barrage of geopolitical headlines, alerts, and tweets, participants in the art market have seemed to adopt a new posture: buyers are finding refuge in collecting, looking beyond acute price sensitivity to have the chance to acquire scarce objects of historical value.

On the back of a strong Basel week, the June season in London aimed to capitalize further on the quietly optimistic tone set thus far in 2026. Sotheby's brought to market a second, more extensive trove of works from the collection of British financier Joe Lewis. The material catered well to a discerning market seeking rare blue-chip examples, fresh-to-market with strong provenance. Sotheby’s extensive marketing and regal installation of the collection in their New Bond Street galleries effectively emphasized the Lewis family’s focus on portraiture from the late 19th and 20th centuries: each work was elevated by the context of other masterpieces.

Attesting to the high expectations, The Lewis collection realized £296m ($392.6m) with buyer’s premium, significantly exceeding its £190.2m ($254.6m) presale estimate. Of the 25 lots offered, 12 surpassed their high estimates and only one failed to sell; a higher number of bidding wars throughout was perhaps an indication of the consignor’s refusal to take presale irrevocable bids in favour of an enhanced hammer strategy. René Magritte’s La Belle promenade (1965) – an exquisite and varied composition featuring a silhouette of the iconic ‘bowler-hatted man’ – ignited a flurry of activity to achieve £16m ($21.2m) with buyer’s premium, against an estimate of £3-4m, a new record for a work on paper by the artist. Deep bidding was also seen for choice examples by Gustave Caillebotte, Pablo Picasso, Edgar Degas, Henri Matisse, Max Beckmann, and Gustav Klimt. That said, two of the sale’s marquee lots – a pair of nudes by Lucian Freud and Modigliani – sold around their low estimates, indicating the air remains thin at the very top of the market and buyer’s remain price sensitive. Notably, activity from collectors in Asia was marked, with Sotheby’s reporting that collectors from the region bought or underbid half of the works in the sale.

The energy generated by the Lewis collection failed to fully materialize in the following various-owner evening sale. With an 85% sell-through rate and few instances of spirited bidding, the chasm between an exceptional, fresh-to-market collection and the rest was displayed well. The bulk of the value again resided with codified art historical titans: a Monet Nymphéas (returning to market after being previously sold in 2022) at £40.8m ($53.8m) and a Rothko work on paper at £9m ($11.9m) topped the sale. More contemporary works struggled: the opening lot, an Elizabeth Peyton portrait, sold well below its low estimate, while Hurvin Anderson’s Untitled (Beach Scene) (2003) failed to sell, despite the artist’s concurrent Tate retrospective. A major Peter Doig cabin painting, estimated at £10-15m, was withdrawn, along with a work by Lynette Yiadom-Boakye.

Christie’s – no longer presenting a marquee sale in June – brought a selection from the collection of Anita and Poju Zabludowicz that realized £15.4m ($20.3m). Comprising nearly entirely contemporary artists, bidding was rarely deep with appetite clearly waning in comparison to the Lewis collection. The diverging approaches taken by the two major houses to their June London sales is another factor to consider. With Christie's having scaled back its offerings to focus solely on March and October, Sotheby's benefited from greater visibility in the absence of direct competition during the week. The timing also allowed the house to capture the energy – and visitors – already in Europe for Basel, while offering consignors an additional window to move at pace or capitalize on the market's current momentum. Their dedicated focus on the Lewis Collection comes hot on the heels of the equally successful Karpidas Collection last September – again offered to great acclaim at a period of relative quiet in the auction calendar. At a time when both attention is an increasingly precious commodity and single-owner collections anchor major auctions, Sotheby’s capitalization on their rival’s retreat from the June season paid dividends.

René Magritte, La Belle promenade (1965), gouache on paper, 16.5 × 11.8 in. 41.8 × 30 cm. Sold Sotheby’s London, Masterpieces from the Lewis Collection, 25 June 2026. Sold: £16,035,000