Amid all the logistical upheaval of the past year, the old adages about what creates value at the tippy-top of the art market have proven truer than ever. 

Rarity, condition, and provenance continue to be the key drivers of the market’s uppermost echelon. Sotheby’s unprecedented November auction of works from the collection of divorcées Harry and Linda Macklowe hit the mark on all three counts, providing some of the rarest (and priciest) treasures the market had seen in years. Perhaps not surprisingly, works from the trove accounted for four of the 10 most expensive lots in 2021.

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Photo: People look at Alberto Giacometti's "Le Nez", part of The Macklowe Collection, at Sotheby's on November 5, 2021 in New York City. (Photo by ANGELA WEISS/AFP via Getty Images)