Recent auctions have made clear that market dynamics are primarily concentrated at the top, where sustained global demand for masterpieces is finally colliding with new supply as the long-awaited intergenerational transfer of wealth begins. At the same time, ongoing volatility has accelerated a parallel shift toward private transactions, with clandestine private sales and invitation-only secret auctions increasingly shaping activity at the highest levels – a trend underscored by the latest reports. Artnet intelligence report.
Now, seasoned dealers and art market figures Dominique Levy, Brett Jorvy and Amalia Dayan, currently collaborating under the leadership of Levy Jorvy-Dayan, are jointly venturing into the “dark side” of private transactions with the launch of LGD Hammer, a dedicated live bidding platform closely integrated with their gallery software. The platform’s inaugural live sale, scheduled for May 16, will feature an exceptional 1984 painting by Willem de Kooning. Milk maidwhich was held by the San Francisco Museum of Modern Art, is valued at $10-15 million.
The goal is to inject urgency — that degree of competitiveness that auctions generate — into gallery sales, which can take months or even years to play out, especially for multi-million-dollar works. “We recognize that our clients, especially many of our Asian clients, are currently looking to live bidding to validate and access prices in order to compete for major works of art,” Jorvi told the Observer, framing the move as a natural evolution for the gallery, which considers all founding partners to be auction veterans uniquely positioned to leverage their expertise to the benefit of buyers and sellers. “The LGD Hammer is the natural evolution of our gallery and partnership. Together we have unparalleled auction experience and advise our clients on buying and selling at auction.”
A former chairman and international head of post-war and contemporary art at Christie’s for more than 23 years, Gorvy oversaw the house’s first billion-dollar sales and record prices for artists such as Francis Bacon, Jean-Michel Basquiat, Willem de Kooning and Andy Warhol. Amalia Dayan began her career at Phillips, overseeing high-value sales focusing on sole proprietors and artists, while Levy started at Sotheby’s and later founded Christie’s Private Sales in 1999 as its International Director.
Private sales at both Christie’s and Sotheby’s declined slightly in 2025 compared to the previous year. Christie’s led the field with sales of about $1.5 billion — about 24 percent of its total sales — followed by Sotheby’s with about $1.2 billion, or 17 percent. Meanwhile, private sales at Philips rose a remarkable 66 percent, to nearly $200 million. For all three auction houses, private sales now play a major role in supporting business.
Private transactions – and now private auctions – have become an essential channel for the most important business to transact among high-end clients. Although auction houses guard the secrecy of these sales, some details have entered the public domain. Last year, Christie’s sold it No. 31 (yellow ribbon) by Mark Rothko for $62.1 million in New York, a deal that contributed to the house’s $1.5 billion private sale, which reportedly included 17 works priced at more than $15 million.
According to Adrian Mayer, head of global private sales at Christie’s, this growth is closely linked to rising global uncertainty and broader market volatility. Recently, he said: “In this context, private sales provide a particularly suitable selling environment because they provide reassurance to customers.” He told Art News. “When you sell privately, you know what you’re getting. In contrast, at auction, the final price is uncertain. Security and confidentiality are key to the private sale model.”
Ahead of its Modern and Contemporary evening auction in London, Sotheby’s has reportedly organized an invitation-only sale exhibition, titled “The Apartment,” showcasing $40 million worth of artwork in a local setting. Works by sought-after artists, including David Hockney, Georges Condo, Gerhard Richter and Basquiat, were on display, most of which sold out within a few days.
At the same time, there are a growing number of invitation-only and individual auctions being held behind closed doors, the results of which often go unreported – raising questions about transparency. However, details of some record-breaking transactions have emerged, including the sale of Frida Kahlo Me and my parrot (1941) for more than $150 million; Rothko No. 6 (purple, green, red) (1951) for about $195 million; And Vincent Van Gogh The zouave (1888) for approximately $200 million.
Confidentiality and pricing security remain key drivers of the appeal of private sales among major collectors, and have similarly fueled the success of Fair Waring, the digital platform founded by Loïc Gouzer, which hosts its own exclusive one-on-one sales – first via app only, and recently expanding to include in-person-only events that combine auction and party. Among its recent top sales was a Warhol painting by Brigitte Bardot, which sold for $16.7 million. In April, Fair Waring also introduced a new “No Warning” format, where the work is shown at a fixed price; Buyers can either click “Buy Now” or make a single offer. There is no bidding war and no gradual escalation, although it remains an effective mechanism to test demand for the masterpieces the platform selects for sale.
However, LGD Hammer sets itself apart from both fair warning and opaque private auctions. As Jorvi emphasizes, the platform remains closely linked to the core business of the fair, simply adding a new format and means to facilitate and accelerate secondary market transactions. “We have approached the development of our platform through the lens of our gallery and the curatorial focus we bring to our gallery program and our pavilion displays,” he said, noting that De Kooning’s genre of artwork has been carefully selected, strategically introduced at the right moment with an initial appreciation designed to appeal to the international market.
“The de Kooning market in the 1980s was very strong at auctions, and there will be important works this season at the Mnuchin auction at Sotheby’s,” Jorvi explained. “We are displaying our works alongside these sales so customers can choose their favorite painting,” he added, noting that de Kooning’s works have been collected in Asia for the past two decades and that Asian buyers have already shown interest. in the meantime, Milk maid She will be given her own exhibition for two weeks at the gallery. “We want to invite potential buyers to come and enjoy this beautiful painting,” he stressed.
Prior to the sale, the work will be presented in a stand-alone exhibition set in the gallery’s Upper East Side space, along with a museum-quality exhibition dedicated to Domenico Gnoli on the first and second floors, and “Armage Santos: Baldas” on the fifth floor. The auction will take place on Saturday 16 May, at 6:30pm, with Dominique Levy as auctioneer and bidding will be conducted exclusively by telephone – an intimate and tightly controlled format that underscores the hybrid ambition of the platform: to bring the competitive excitement of the auction room into the traditional private sphere of the gallery.
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