Investment: Art pieces sold for millions on the market

It’s a good time to buy art, according to a prominent Canadian art advisor.

The market is finally resurging after a two year slump in sales, Barbara Guggenheim, CEO of Barbara Guggenheim associates, told BNN Bloomberg.

Guggenheim said whether it’s a Picasso painting or a Warhol, “the rule now is to buy the best of what you can buy.”

“It’s a good time to look at established artists who’ve been overlooked in the past or have been right in front of our eyes,” said Guggenheim.

What caused the art slump

A “get rich quick” mentality inflated the art market over the last few years, driving prices for contemporary works in the millions, said Guggenheim.

“Then when the works got over $2, $3, $4 million it kind of fell off a cliff,” said Guggenheim.

“And people now turn to more established artists, and they’re looking for opportunity in quality.”

There are many opportunities to buy, said Guggenheim.

She said the recent sale of paintings by 20th-century artists Frida Kahlo and Gustav Klimt brought in a lot of money, and demonstrates that artwork new to the market after a long absence is attractive to collectors

A 1940 self-portrait by Kahlo, a female Mexican artist sold for US$54.7 million late last year in New York.

It was the highest-selling art by a female artist at an auction.

Sotheby’s record-breaking November 2025 auction saw Gustav Klimt’s Portrait of Elisabeth Lederer sell for $236.4 million, making it the highest-priced modern artwork in auction history.

“So fresh material attracts collectors, because collectors collect, that’s what they do, and they wait for opportunities,” said Guggenheim.

Middle range paintings make most of the market

The middle range paintings make most of the market, she said.

In November 2025, the Cindy and Jay Pritzker Collection auction at Sotheby’s featured a significant Stuart Davis painting, Municipal, which sold for $1.5 million.

“It would have been a $5 million painting. So whoever bought that got a bargain,” said Guggenheim.

She said it’s difficult to find guaranteed investment in the low price range between $10,000 to $30,000.

However, higher-priced works are seen as safer investments because they are supported in the market.

“I have a client, for example, who said, ‘Don’t bother me unless it’s a quarter of a million dollars,’ and there are a lot of collectors already in on it, because then I’m kind of sure that a village is surrounding and pushing the material,” said Guggenheim.