This month in The Hang, we take a look at a record-breaking auction that saw a Klimt painting become the second most expensive artwork ever sold under the hammer. We also spotlight major UK exhibitions from Bridget Riley, David Shrigley and David Hockney, alongside a host of notable updates from Tracey Emin, Maurizio Cattelan and others shaping the art world right now.
Editorial / Art Market
The Hang | November | Your monthly round up of art market based news
27 Nov 2025 | 4 min read
The Market Watch
We break down key sales and what they signal for sentiment and strategy.
Sotheby's back with a boom
The New York Sales marked Sotheby’s Breuer debut with $1.17 billion in sales, the highest auction series since 2021. Led by record-setting paintings from Gustav Klimt, Vincent Van Gogh and Frida Kahlo.
Gustav Klimt's Bildnis Elisabeth Lederer (Portrait of Elisabeth Lederer) was the showstopper, selling for an incredible $236,360,000. Making this the second most expensive artwork ever sold at auction.
Andy Warhol | Sotheby's London
Contemporary Day Auction - 19th November
The Witch (From Myths)
Acrylic and silkscreen ink on canvas
152.4 x 152.4 cm
Estimated $1,200,000 - $1,800,000
Sold - $1,392,000
Maurizio Cattelan | Sotheby's New York
The Now & Contemporary Evening Sale| 18th November 2025
America (2006)
101.2 kg of 18-karat gold
Edition of 3, plus 2 Artist Proofs
Sold - $12,110,000
Artist Updates
Highlighting who’s gaining ground institutionally and culturally.
Tracey Emin | Cooper Union Hall, New York
On November the 4th, Tracey Emin was in conversation with Martina Drotha, Director of the Yale Centre for British Art, in New York City.
With an audience of 850 in attendance, they discussed formative influences such as Egon Schiele and Edvard Munch to landmark exhibitions in London and New York, Emin’s practice spans decades yet remains intensely personal, charting a journey through love, grief, desire, and resilience.
KAWS: Family
KAWS opened his latest show at the San Francisco Museum of Modern Art (SFMOMA). His first major museum on the West Coast traces the artist’s output over the past three decades.
Yoshitomo Nara New Representation
Zwirner have confirmed they are now representing the Japanese artist.
I have been a fan of Yoshitomo Nara’s work since I first encountered it in my hometown, Cologne, in the early 1990s. Nara’s work seemed so radical to me then, as it ran counter to the postconceptual strategies that were pervasive in the art world at the time. Instead, Nara invited us to contemplate a world of vulnerability and genuine human connection.
- David Zwirner
New Gallery Opening | Mantua, Italy
The new museum, Sonnabend Collection Mantova, opening on 29 November 2025 in the historic palazzo in Mantua. It will showcase nearly 100 works by seminal mid-20th-century and contemporary artists such as Andy Warhol, Jeff Koons, Gilbert and George and more.
Ileana Sonnabend was a groundbreaking art dealer who championed generations of rising artists in the US and Europe from the late 1950s until her death in 2007 at age 92.
On View: Our Picks
Pointing you to the shows that matter.
Bridget Riley: Learning to See | Turner Gallery, Margate
The exhibition title chosen by Riley comes from one of Monet’s letters to Eugène Boudin, written late in life, thanking Boudin for being the first to teach him ‘to see and understand’.
22 November 2025 - 4 May 2026
David Shrigley: Exhibition of Old Rope | Stephen Friedman Gallery, London
Expanding his conceptual practice, David Shrigley showcases a 10-ton installation made entirely from discarded rope and a large-scale four-part neon.
If all the rope is laid out, it stretches approximately 20 miles long, and it could be yours for £1 million.
14 November - 20 December 2025
David Hockney Some Very, Very, Very New Paintings Not Yet Shown in Paris | Annely Juda Fine Art, London
Annely Juda Fine Art opens its new Hanover Square space this November with a major David Hockney show. The exhibition unveils a fresh body of paintings created in his London studio over the past six months, alongside the first full UK presentation of The Moon Room.
Hang-Up's Take
Overall, November has been full of highly anticipated exhibition openings and showstopping auctions.
Results at the major auction houses for Warhol, Hockney, Hirst and Kusama continue to sell consistently, which is a clear sign of demand aligning with the data from the Art Basel & UBS Art Market Report.
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