Art Services

Art Market Update – Fall 2026

September x, 2026

The art market entered the second half of 2026 on strong footing, driven by impressive auction results across a broad range of price points, categories, and locations. While high-profile single-owner collections continued to fuel the market's recovery, encouraging signs emerged within the middle market and alternative collecting categories including luxury and design. Yet the market's momentum has been uneven. As collectors have gravitated toward historically established artists, galleries and the contemporary primary market continue to face pressure from rising costs and shifting buyer preferences

Key Takeaways

The art market's recovery accelerated in the first half of 2026, driven by strong demand for fresh-to-market property and a resurgence of major single-owner collections.
Strength extended beyond trophy lots, with healthy results across price points and growing momentum in watches, design, jewelry, and memorabilia.
Collectors are increasingly favoring historically established artists and categories, while demand for younger contemporary art remains well below its 2022 peak.
Despite auction market optimism, galleries continue to face slower sales and rising costs, highlighting an ongoing divide between the secondary and primary markets.

The art market delivered encouraging results in the first half of 2026, continuing its recovery from the slowdown that characterized 2023 through early 2025.

Global auction sales at Christie’s, Sotheby’s and Phillips totaled $6.8 billion in the first half of the year, a 70% year-over-year increase and the highest first-half total since 2022.¹

Private sales at auction houses also surged: Christie’s reported over $1 billion in private sales by mid-year,² while Sotheby’s generated $826 million, a 52% year-over-year jump and a new all-time high.³

The auction market rebounds

H1 auction sales at Christie’s, Sotheby’s and Phillips.

Bar chart representing the auction market between 2016 and 2026. The market rose and fell between 2016 and 2021 before reaching a peak of $7.1 billion in 2022, steadily falling, then rebounding to $6.8 billion in 2026. Activate link below for complete description.

Much of the auction market’s momentum came from New York’s 20^th and 21^st century auctions in May, where sales nearly doubled last year’s totals.⁴ A renewed supply of trophy property propelled the season, including 11 eight- and nine-figure lots from the $631 million collection of late publishing magnate S.I. Newhouse.⁵ Strong demand for fresh-to-market property carried over to June’s London auctions, where investor Joe Lewis’s collection achieved $393 million, a European record for a single-owner sale.⁶ Beyond helping Sotheby’s achieve record first-half sales, the Lewis collection was notable for two other reasons: it was not an estate sale, nor was it covered by a guarantee. The sale appears to have been a strategic decision by the Lewis family to capitalize on favorable market conditions, while the lack of a guarantee allowed them to retain the full upside, albeit at greater risk. Both decisions point to consignor confidence at the top end of the market. The positive outcome could encourage other collectors with rare, high-quality works to pursue similar strategies in the upcoming seasons.

Importantly, strong demand emerged throughout the auction market, not just at the highest price points. Day sales at the May auctions improved year-over-year in every major metric—total value, lots sold, sell-through rate, and price-to-estimate ratio—signaling a healthier middle market.⁷ Auction houses reported similar strength across categories and sale locations. Christie’s CEO Bonnie Brennan noted the auction house grew “in all departments and regions, at every price point.”⁸ While Christie’s specifically flagged fine art as its most important category, positive results extended across a range of collectibles: Phillips reported record-breaking watch sales across Geneva, New York, and Hong Kong.⁹ Heritage Auctions reported their strongest ever first half, indicating continued success for cultural memorabilia.¹⁰

Collectible design remains one of the market’s fastest-growing categories, with auction sales rising 63% year-over-year through June.¹¹

Even fossils are attracting unprecedented demand—in July, Sotheby’s sold a Tyrannosaurus rex skeleton for $50.1 million.¹²

Day sale competition reaches a 10-year high

Price-to-Mid-Estimate ratio for H1 Day Sales

(Christie’s, Sotheby’s and Phillips)

Line graph showing day sale competition between May 2016 and May 2026. Numbers fluctuate between 0.72 and 1.03 before reaching a 10-year high of 1.04 in May 2026. Activate link below for complete description.

* Impressionist, Modern and Contemporary sales took place between June and July 2020, not in May 2020.

** Sotheby's and Christie's sales took place in May 2021, but Phillips' sale was in June 2021.

*** The Hammer Price / Mid-Estimate ratio is based on Total Hammer Price value divided by Total Mid-Estimate value

Given the auction houses’ buoyant results across categories and price points, it may seem that the art market has all but recovered. However, the auction sector’s enthusiasm has not carried over to the primary market, where galleries continue to grapple with both rising costs and increasingly selective demand. Concerns escalated over the summer when leading mega-gallery Pace announced it would cut roughly 50 artists from its roster, citing an "unfixable" business model.¹³ The move suggested that structural challenges extend well beyond smaller galleries and continue to affect even the industry's largest and most well-funded players. Two weeks later, former Art Basel Global Director Marc Spiegler declared in a New York Times op-ed: "Art Galleries Are Not OK."¹⁴

What explains the disconnect between the seemingly red-hot auction market and a gallery sector under strain? A key factor may be collectors’ renewed preference for historical artists following the speculative boom-and-bust cycle for emerging artists. Auction sales of Impressionist and Modern Art rose 133% year-over-year in the first half of the year, whereas Young Contemporary art has cooled 88% since its 2022 peak.¹⁵ This bifurcation naturally favors the auction houses, whose business is concentrated in the secondary market for established artists.

Historical Art Surges

Growth of H1 Auction Sales, Impressionist & Modern vs. Young Contemporary Art

(Christie's, Sotheby's and Phillips)

Growth of auction sales chart, animated. Activate link below for complete description.

Growth of H1 auction sales in 2023. Impressionist and Modern, negative 35%. Young Contemporary, negative 59%.

Growth of H1 auction sales in 2024. Impressionist and Modern, negative 56%. Young Contemporary, negative 74%

Growth of H1 auction sales in 2025. Impressionist and Modern, negative 58%. Young Contemporary, negative 88%.

Growth of H1 auction sales in 2026. Impressionist and Modern, 2.4%. Young Contemporary, negative 88%.

Pricing and selectivity also play a role. The auction model allows for price discovery, even if that means selling artworks at a discount relative to recent benchmarks. That allows artworks to change hands more efficiently at a transparent, market-clearing price. Galleries, on the other hand, tightly manage prices for living artists to manage their public perception, often leading to stagnant inventory and opaque pricing. In his op-ed, Spiegler adds that galleries, rightly wary of the flippers that entered and exited the market in recent years, have had to be increasingly exclusive about whom to sell to, whereas auction houses welcome all buyers with open arms.

Whatever the cause, the divergence is significant. Auction headlines may dominate the conversation, but dealers still account for more than half of global art sales.¹⁶ Until the primary market regains its footing, the art market is not truly out of the woods.

Collectible design sales grew 63% at auction in the first half of 2026. Bank of America is once again proud to be the Title Sponsor of Design Miami this December

Five insights on collector behavior from Bank of America’s latest study

The Bank of America Private Bank Study of Wealthy Americans is a biannual survey of more than 1,400 U.S. high-net-worth individuals, offering insights into how affluent Americans build, invest, and transfer wealth. Below are five findings from the study that shed light on the attitudes and behaviors of today’s art collectors.

1. Art collecting is driven by the wealthiest Americans, but a new generation of collectors is emerging

Among wealthy Americans, art ownership remains concentrated at the top of the wealth spectrum. 42% of individuals with more than $25MM of investible assets own an art collection, compared to 18% of affluent individuals overall.

The art market has always relied on a relatively small pool of major collectors, leaving it vulnerable when spending slows or market participation declines among even a handful of individuals. Encouragingly, however, the study suggests a new generation of collectors is coming of age. Wealthy Gen Z and Millennial respondents were more than three times as likely to own an art collection as Boomers and the Silent Generation (42% vs. 13%). And the study suggests that next-gen ownership will continue to grow: 75% of Gen Z and Millennials who do not currently collect expressed interest in doing so in the future. The key question is not whether demand will persist, but whether the tastes of these younger collectors will align with those of prior generations. If preferences shift meaningfully, the coming decades could bring dramatic repricing for established segments of the market.

Art Ownership

% Yes

While 18% of wealthy individuals own art, that number changes based on asset levels and generation.

2. The art-as-investment mindset has moderated

Wealthy individuals are broadening their collecting priorities. Two years ago, half of individuals interested in building a significant art collection cited asset appreciation as a primary motivation for collecting.¹⁷ This year, that number dropped to 36%, the largest decline of any surveyed category. At the same time, respondents continued to value art’s aesthetic appeal (61%), the opportunity to support artists (40%), and the social benefits of participating in a community of collectors (27%, up slightly from 21% in 2024).

Collectors may be reacting to the fact that art prices have largely stabilized following a period of significant appreciation in the early 2000s and 2010s, making them less likely to outperform major financial markets. Indeed, the 2026 Bank of America U.S. Art Market Report found that average annualized resale returns at auction have steadily declined over the past four years.¹⁸ These lower returns aren’t pushing participants out of the market. Rather, collectors are refocusing on the qualities that make art unique – its ability to generate cultural, aesthetic, and social returns that cannot be replicated by traditional financial assets.

3. Art advisors have become common for top collectors

Even the most sophisticated collectors rely on professional guidance to help build and manage their collections. Among individuals who own at least $1MM in art, 64% currently use an art advisor, while an additional 13% say they would like to do so in the future.

While advisory services may seem associated with newer collectors seeking market education and industry access, established collections are even more complex to manage. Recordkeeping, appraisals, insurance, storage, institutional loans, conservation, and buy- and sell-side negotiations require significant time and expertise. Reflecting on our clients’ demand for informed, credible, and impartial guidance, Bank of America launched Art Consulting in 2026, complementing its existing capabilities in art lending, consignment, and art-related trust, estate and philanthropic planning.

64%

of people who own $1M+ in art currently use an advisor

13%

of people who own $1M+ in art do not use an advisor but would like to in the future

22%

of people who own $1M+ in art do not use an advisor

4. Legacy planning requires more than good intentions

While the overwhelming majority (83%) of $1MM+ collectors believe it’s important to pass artworks on to heirs, the next generation may not always share the same vision. Among individuals expecting to inherit art, only 67% plan to keep it for personal enjoyment. Differing tastes, liquidity needs, tax obligations, and the holding costs of owning and caring for art can all influence whether heirs ultimately retain a collection.

Museums can be even more selective. 41% of surveyed collectors have donated or intend to donate artwork to an institution, yet museums face increasingly limited storage capacity, finite exhibition space, and significant stewardship costs. As a result, museums are becoming increasingly selective when it comes to accepting gifts.¹⁹ Whether the goal is to transfer art to family members or place it with an institution, proactive conversations and thoughtful planning can help ensure a collection's future aligns with the collector's intentions.

83%

of $1MM+ collectors believe it’s important to pass artworks on to heirs

67%

of individuals expecting to inherit art plan to keep it for personal enjoyment

5. Collectibles are an entry point for younger collectors

Nearly all wealthy Gen Z and Millennial respondents (94%) own some form of collectible, compared to 82% of Gen X and 58% of Boomers and the Silent Generation. Watches and jewelry ranked as the most owned categories, with 48% and 47% of wealthy next-gen individuals holding these assets respectively.

Auction houses have taken notice. Discussing Christie’s H1 2026 results, CEO Bonnie Brennan noted, “Luxury has obviously been a great gateway for us for new buyers and also for younger buyers.”²¹ Phillips, which has increasingly established itself as a leader in the watch market, reported that Millennials and Gen Z accounted for nearly one-third of its bidders and buyers in the first half of the year.²² Beyond luxury, Heritage Auctions attributed part of its first-half 2026 success to younger collectors entering through categories such as coins, comics, and trading cards.²³ Whether today’s interest in collectibles will ultimately translate into greater demand for fine art remains to be seen. Either way, art market participants may want to expand their offerings to adapt to these shifting tastes.

Interest in Collectables

% own any collectibles

Chart of Interest in Collectibles. Activate link below for complete description.

While 66% of wealthy individuals own collectibles, that number changes based on generation.

Q&A on Art Lending with Drew Watson, Head of Art Services at Bank of America

Drew Watson, Head of Art Services at Bank of America, discusses the current state of the art lending market and how sophisticated collectors are using art loans as part of their broader wealth management strategy.

The most significant trend is the growing recognition of art as a wealth asset, not only as a passion or lifestyle pursuit. As collections have increased in both size and value, collectors and a growing number of family offices are treating art as a major line item on their balance sheets.

That shift is reflected across the wealth management industry: the 2025 Deloitte Private & ArtTactic Art & Finance Report found that 51% of wealth managers now offer art-related services, up from 25% in 2011.²⁴

We have seen sustained growth in our own art lending business over the past six years across different market conditions. Demand for art loans spiked in the early 2020s with low interest rates and rapidly rising art values. Despite higher rates and a more selective art market in recent years, our art lending business has continued to grow 8-10% year-over-year. Why? First, the speculative “art as investment” mindset has weakened, yielding to a value-driven market characterized by steady valuations and longer holding periods. Moreover, in the age of inflation, collectors are more aware of the high transaction, carrying, opportunity, and tax costs that come with owning art. These costs can be mitigated with an art loan, allowing collectors to put previously dormant capital to work without selling and creating a taxable event.

A generational transition is reshaping the art market. As collections pass from one generation to the next, families are reassessing how art fits into their overall wealth, liquidity, and stewardship decisions. Deloitte estimates that approximately $992B of art and collectibles will change hands globally over the next decade as part of the “Great Wealth Transfer.”²⁴ At the same time, interest in collecting is rising across generations, even if many inheritors of art will sell and acquire art that aligns with their distinct taste and values. Family offices are also becoming more involved in overseeing art alongside operating businesses, investment portfolios, and real estate. As collections become more institutionalized within family wealth structures, demand for lending and liquidity solutions, alongside greater expertise around art and other alternative assets, will naturally grow as well.

The most notable change is not who is borrowing, but why. A decade ago, art loans were often associated with a short-term liquidity need. Today, entrepreneurs, executives, business owners, and family offices are more frequently using art lending to pursue investment opportunities, acquire real estate, support businesses, or address tax obligations without selling assets they intend to hold long-term. That evolution mirrors broader investor behavior. Bank of America's 2026 Study of Wealthy Americans found that 77% of ultra-high-net-worth investors believe greater opportunity exists in private markets than in public markets.²⁵ Even if art is generally not viewed through a pure investment lens, it is increasingly regarded as a source of strategic capital rather than a static asset, making art lending a proactive capital-management tool.

Collectors should understand that generating liquidity from art does not mean giving it up. At Bank of America, art lending is generally structured as a recourse loan, meaning we evaluate both the artwork and the client's full financial profile. That allows us to customize financing solutions to their overall objectives. Importantly, clients can generally continue to live with and enjoy the artworks serving as collateral while generating liquidity through a revolving line of credit. For many collectors, the ability to access capital without selling—or physically parting with—important works is one of the most compelling aspects of art lending, allowing financial flexibility and long-term ownership to coexist.

Best practices for inheriting fine art

By Michael Duffy, Head of Art Planning for Merrill

Research the artists and artworks you inherited

When and where were the works created? What role do they play in art history? Are the artists represented in museum collections, and do they have an active secondary market? Before making any decisions, it’s important to develop a baseline understanding of a collection’s historical significance and potential value.

Obtain qualified appraisals and establish basis

Without a qualified appraisal as of the date the collection was inherited, heirs may face challenges substantiating their tax basis if the artwork is later sold. Qualified appraisers can often be identified through professional organizations such as the Appraisers Association of America (AAA), International Society of Appraisers (ISA), or American Society of Appraisers (ASA).

Create and preserve collection records

Maintain detailed records for each artwork, including the artist, title, medium, dimensions, date, provenance, acquisition history, condition reports, and appraisal documentation. Strong recordkeeping can help establish ownership, facilitate future appraisals, support authentication efforts, and streamline eventual transfers, donations, or sales.

Review insurance coverage

Inherited collections may exceed the coverage limits of a standard homeowner’s policy. Owners should review existing property and casualty coverage to determine whether specialized fine art insurance is appropriate. Proper coverage can protect against risks such as theft, accidental damage, transit losses, and natural disasters.

Protect artworks through proper care and storage

An artwork’s longevity depends on how it is stored and displayed. Works should generally be kept away from direct sunlight, extreme temperatures, excess humidity, and high-traffic areas. In addition, climate-controlled storage can help preserve both the physical condition and long-term value of inherited artworks.

Evaluate whether conservation is warranted

If an artwork shows signs of deterioration, consult a qualified conservator before undertaking any repairs or restoration. Repairs can either preserve a work or permanently diminish its value. Owners considering a sale may be able to negotiate conservation costs as part of a broader consignment agreement with an auction house, particularly for higher-value works.

Consider museum loans

Loans may enhance an artwork’s exhibition history and provenance, support institutional programming, and reduce storage and insurance burdens, all while the collector retains ownership. In some cases, museum exposure can also increase scholarly attention and strengthen the long-term market value of the work.

Ensure your estate plan addresses your collection

Collectors should consider not only which works they intend to pass to heirs, but whether those beneficiaries actually have interest in owning them. They should also ensure that any trusts receiving artwork are equipped to hold tangible personal property and consult qualified advisors regarding the tax implications of owning, gifting, or transferring art.

Explore charitable giving opportunities

Whether made during or after one’s lifetime, charitable gifts can help ensure meaningful works remain accessible to future generations. They may offer tax benefits as well – life donations can create an income tax deduction, while testamentary donations will remove the materials from the decedent’s taxable estate.

Examine potential sale options

Many inheritors have different tastes, collecting goals, liquidity needs, or philanthropic priorities than the previous generation. A thoughtful sale can help reposition a collection and reallocate capital toward new objectives. Bank of America offers Consignment Services for qualified clients, assisting art inheritors who may not have the time or experience to manage a full consignment process.

Curator’s Corner: Highlight from the Bank of America Corporation art collection

By Jennifer Brown, Art Program Curator, Bank of America

Miyoko Ito (American, 1918-1983), R is for Ragdale, 1981, Oil on canvas, 32 ½ x 46 ½ inches, Bank of America Collection, © The Estate of Miyoko Ito, Courtesy Karen Lennox Gallery

Painting R is for Ragdale, 1981 by Miyoko Ito

Born in Berkeley, California, in 1918, Miyoko Ito developed a highly distinctive style that defies easy categorization. After studying art in California and later at the School of the Art Institute of Chicago, she spent most of her career in Chicago, creating paintings that blended abstraction with memory, imagination, and observation. Although she never achieved widespread recognition during her lifetime, Ito is increasingly being recognized today as one of the most original American painters of the postwar era.

Painted in 1981, R is for Ragdale reflects the quiet, contemplative quality of Ito's mature work. The title likely refers to Ragdale, the historic artists' retreat north of Chicago, but the painting does not read as a literal depiction of a place. Instead, Ito creates a world of overlapping shapes, softened edges, and carefully balanced colors that feel both familiar and elusive.

Broad areas of blue, gray, and muted rose create a sense of order and calm, which Ito interrupts with vivid red bands that stretch across the composition. Rounded forms suggest architectural spaces, landscapes, or perhaps remembered objects, yet nothing is fully defined. Delicate shapes, such as a small red spiral tucked into the right side of the composition, invite viewers to linger and look more closely. The final image implies a serene environment – both natural and built – occupied by hints of energy and life.

The longer one spends with R is for Ragdale, the more it reveals. Shapes seem to emerge and recede, throughlines connect seemingly separate objects, and the painting shifts between abstraction and representation. Like many of Ito's works, it evokes the experience of memory itself: fragments come into focus, connections appear, and meaning remains open to interpretation.

In 1981, Ito became part of a group of Chicago painters who called themselves the “Allusive Abstractionists." Rather than creating purely geometric abstractions, these artists embraced suggestion, metaphor, and ambiguity, allowing viewers to find their own meaning within a work. R is for Ragdale embodies that approach. More than four decades after it was painted, the work continues to reward careful looking, revealing new relationships and subtle details each time it is viewed.

Bank of America Art Conservation Project™

We are pleased to share a selection of our 2026 Bank of America Art Conservation Project grant recipients.

Bank of America launched the Art Conservation Project in 2010 to address the critical need to preserve significant works of art for generations to come. Since then, we have awarded hundreds of grants across forty countries to conserve paintings, sculptures, works on paper, manuscripts, and archeological pieces.

This year’s selections include eighteen projects from Brazil, Canada, France, England, India, Italy, Japan, the Netherlands, Peru and the United States. To view all the 2026 grant recipients and learn more about each project, please click here.

The Old Guitarist, 1903-04, Pablo Picasso (Spanish, 1881 – 1973)

The Art Institute of Chicago
Pablo Picasso (Spanish, 1881–1973)
The Old Guitarist, 1903–04
Oil on panel
48³/₈" × 32½” (122.9 × 82.6 cm)
The Art Institute of Chicago, Helen Birch Bartlett Memorial Collection

Pablo Picasso painted this image of an aged, blind musician, emaciated by hunger, during his Blue Period, early in his career. Drawing on the work of late-nineteenth-century Symbolist artists, as well as the seventeenth-century Spaniard El Greco, Picasso developed an expressive language — and a monotone color scheme — to explore misery and despair. With his bony frame and head lowered in exhaustion as he sings on the street, the figure became a powerful symbol not only of the tragedy of poverty, but also of the plight of the struggling artist, something the 22-year-old Spaniard knew about.

Palms of the Arc de Triomphe
Arc de triomphe de l’Étoile
Bronze palm fronds

Since 1920, veterans’ associations and foreign representatives have laid cast bronze palm fronds at the monument in honor of the fallen. Decorated with leaves, knots, laurel wreaths and helmets, as well as inscribed ornamental cartouches, they measure about 23½" (60 cm) in length. Of these, 269 are displayed in the Salle d’Attique, a gallery on the upper level of the Arc de Triomphe, which also houses a statue titled Le Poilu, by Jean Boucher. Beneath the arch, at ground level, lies the Tomb of the Unknown Soldier, honoring those who died in World War I.

In partnership with the TEFAF Museum Restoration Fund

The Meeting of Sante and Virgil (Inferno, Canto I) Tapestry, Design and cartoon by Francesco Salviati (Italian, 1510 – 1563)

Design and cartoon by Francesco Salviati (Italian, 1510–1563)
Woven by the workshop of Jan Rost (Flemish, active 1535–d. 1564)
The Meeting of Dante and Virgil (Inferno, Canto I)
Tapestry

At more than seventeen feet in height, The Meeting of Dante and Virgil, designed by the sixteenth-century Florentine painter Francesco Salviati, is one of the largest works in the collection of the Minneapolis Institute of Art (Mia) and widely considered the most significant Italian Renaissance tapestry in the United States. It was woven during the earliest and most innovative phase of Florentine tapestry-making at the behest of Duke Cosimo I de’ Medici, one of the city’s foremost art patrons, who had ambitions for Florence to outdo the great Netherlandish workshops of Brussels. Executed under the direction of the Brussels-trained master weaver Jan Rost, the piece is distinguished by its monumental scale, technical complexity and imaginative ornamentation.

Painting La Négresse, 1952, Henri Émile Benoît Matisse (French, 1869–1954)

Henri Émile Benoît Matisse (French, 1869–1954)
La Négresse, 1952
Paper collage on canvas
171⁵/₈” × 245³/₈” (435.9 × 623.3 cm)

In 1973, the National Gallery of Art acquired five cut-outs by Henri Matisse, creating one of the most significant collections of his cut-outs in the world. Matisse began making these painting-collages during the last decade of his life, painting paper with gouache and then, using scissors, cutting the colored paper into shapes; for larger works, he would direct his studio assistants to pin the pieces to the wall, mounting the final compositions on paper. The gallery will conduct in-depth research into Matisse’s materials and techniques and carefully document La Négresse’s current condition.

The Night Watch, 1642, Rembrandt van Rijn (Dutch, 1606–1669), oil on canvas

Rembrandt van Rijn (Dutch, 1606–1669)
The Night Watch, 1642
Oil on canvas
149" × 178" (379 × 453 cm)

The Rijksmuseum in Amsterdam calls its initiative — the most wide-ranging and extensive study of Rembrandt’s most famous painting — “Operation Night Watch.” The project began in summer 2019 and is being carried out in a specially designed glass chamber in its original position in the museum’s Gallery of Honor, in full view of the public.

The Four Accomplishments and Immortal (Kinkishoga, Sennin zu fusuma e), Kano Sōgen, Two of four sliding door panels, Ink, color and gold on paper

Kano Sōgen Shigenobu (Japanese, active late sixteenth–early seventeenth century)
The Four Accomplishments and Immortal (Kinkishoga, Sennin zu fusuma e)
Late Momoyama period (1573–1615) or early Edo period (1615–1868)
Two of four sliding door panels
Each: 68½” × 55” (174 × 139.7 cm)
Ink, color and gold on paper
Eugene Fuller Memorial Collection

These four opulent fusuma, or sliding door paintings, are from seventeenth-century Japan. They were acquired by the Seattle Art Museum (SAM) in 1951. Three of the four panels depict Chinese gentlemen in a lush garden playing music, undertaking a game of Go, appreciating calligraphy and painting — demonstrating the so-called “Four Accomplishments” that should be mastered by an ideal scholar. The fourth depicts Chōkarō sennin, a Taoist Immortal known for storing his magic white horse in a gourd, dispensing his steed from the vessel.

Bacchus and Ariadne, 1520-23, Titian (Italian, c. 1490-1576), oil on canvas

Titian (Italian, c. 1490–1576)
Bacchus and Ariadne, 1520–23
Oil on canvas
69½” × 75" (176.5 × 191 cm)

Titian’s Bacchus and Ariadne, depicting the moment when the Roman god Bacchus falls in love with Ariadne, the daughter of King Minos, is one of the most important paintings in the collection of London’s National Gallery. Titian shows his great skill in combining the most vibrant pigments available in sixteenth-century Venice in a manner that emphasized their intrinsic brilliance.

Gaki Zōshi (Scroll of Hungry Ghosts)
Heian period, twelfth century
Color on paper
10½” × 149½" (26.9 × 380.2 cm)

In Buddhism, the dead are thought to meet the Ten Kings of the Dead at the entrance to the afterlife. There, they are judged for their sins and wrongdoings and sentenced to one of six realms — heaven, hell and others in between — in which they will circulate eternally. One of these realms is that of the Hungry Ghosts — a torturous place where the greedy and selfish are doomed to suffer constant, insatiable hunger and thirst. The descriptions of the realm of the Hungry Ghosts and other realms of hell were outlined in the Ōjōyōshū, a tenth-century text that had a significant impact on Japanese scroll painting.

¹ArtTactic, RawFacts Auction Review H1 2026

²Christie’s, Christie's Leads Resurgent Market, July 15, 2026.

³Artnet, Sotheby’s Posts $4.4 Billion in First-Half Sales, a New Record, July 14, 2026.

⁴Artsy, May’s Record-Breaking $2.5 Billion Auction Week, Explained, May 28, 2026.

⁵Christie’s, Masterpieces: The Private Collection of S.I. Newhouse, May 18, 2026.

⁶Artnet, $392.6M Lewis Collection Sale Smashes Records at Sotheby’s, Led by $63.9M Modigliani, June 24, 2026.

⁷Proprietary ArtTactic data

⁸Christies, Christie's Leads Resurgent Market, July 15, 2026.

⁹Philips, Phillips' Auction Sales Surge 60% Year On Year, July 9, 2026.

¹⁰Artnet, Heritage Auctions Posts Record $1.4 Billion Mid-Year Total, as Collectibles Market Roars, July 9, 2026.

¹²The New York Times, T. Rex Fossil Sells for $50.1 Million, Putting the King Back On Top, July 14, 2026.

¹³ Hyperallergic, Pace Cuts 50 Workers and 50 Artists, Citing a “Broken” Gallery Model, June 4, 2026.

¹⁴ The New York Times, Art Galleries Are Not OK, June 19, 2026.

¹⁵Proprietary ArtTactic data

¹⁶The Art Basel & UBS Art Market Report 2026 by Arts Economics

¹⁷“Significant,” in this case, signifies $100K or more in art. 50% of collectors noted “It’s an asset I expect to increase in value over time.”

¹⁸Bank of America 2026 U.S. Art Market Report

¹⁹Financial Times, The dos and don’ts of donating art to museums, July 8, 2025.

²⁰The Art Newspaper, Christie’s and Sotheby’s 2026 half year results: trophy lots and luxury goods fuel rebound, July 15, 2026.

²¹ Phillips, Phillips' Auction Sales Surge 60% Year On Year, July 9, 2026.

²²Artnet, Heritage Auctions Posts Record $1.4 Billion Mid-Year Total, as Collectibles Market Roars, July 9, 2026.

²³Deloitte, Art and Finance Report 2025, Page 61.

²⁴ Deloitte, Art and Finance Report 2025, Page 15.

²⁵Deloitte, Art and Finance Report 2025, Page 19.

²⁶Bank of America, 2026 Bank of America Private Bank Study of Wealthy Americans, June 2026

Related Insights

U.S. Art Market Report

Selling your art? Here's how to make it smoother.

Even experienced collectors can benefit from help when selling their art and collectibles. At Bank of America the Art Services team can provide advice, simplify the sale process and reduce auction costs. Here are some key insights.

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Art Market Update – Fall 2026