As Art Sales Fall, Christie’s and Sotheby’s Pivot to Luxury

1 day ago · As Art Sales Fall, Auction Houses Pivot to Luxury ... Sales at Sotheby’s and Christie’s were down for the second year in a row in 2024, according to preliminary figures released by …

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Christie's Results Are Down ‘just’ 6% In 2024, ‘despite Challenging ...

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Dec 17, 2024 · Overall, Christie's netted $5.7bn this year across live, online and private sales of art and luxury goods, a decrease of "just" 6% from the $6.1bn made in 2023, said its chief …

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ARTnews Looks Back At The Market In 2024

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Dec 31, 2024 · Christie’s sold the year’s top auction lot, René Magritte’s Empire des lumières (1954), at the 20th-century evening sale in November; realizing $121.1 million, it was the only …

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Sotheby’s May Be Struggling – But Regional Auction Houses Are …

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3 days ago · Reviewers of the art market’s performance in 2024 have been transfixed by the declining sales figures from market leaders Sotheby’s and Christie’s. Christie’s reported $5.7 …

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Auction House Leaders On Their 2024 Reflections And 2025 ... - Artsy

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Dec 30, 2024 · Key sales seasons this year have also offered an uneven picture: Most recently, New York’s marquee sales week in November yielded a total of $1.3 billion at Christie’s, …

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Christie’s 20/21 Sales Achieve $689 Million

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Nov 22, 2024 · Christie’s fall Marquee Week in New York — part of a four-city series offering a global journey through exceptional art — ran from 19-22 November with a final total of $689 …

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What If Luxury Is Art Sellers’ Salvation, And Not Their Sin

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Oct 11, 2024 · Luxury goods contributed 30% of Sotheby’s $7.9bn revenue in auction and private sales in 2023, compared to 20% of the $5bn in auction sales made by Christie’s (which did not …

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The Changing Nature Of The $1m+ Art Market | Sotheby’s

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Mar 14, 2023 · Research by ArtTactic shows that in 2018 online-only sales at Sotheby’s, Christie’s and Phillips accounted for just $116m; by 2022, this had grown to just under $900m. ... In …

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As Art Sales Fall, Auction Houses Pivot To Luxury - DNyuz

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1 day ago · When art works fetch spectacular auction prices, like the record $450.3 million for Leonardo da Vinci’s “Salvator Mundi” in 2017, ... Business; Politics; Science; World; Lifestyle; …

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How Auction Houses Became The Big Winners Of The Pandemic

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Feb 7, 2022 · Consolidated sales of at least $7.3bn, Sotheby’s highest annual total in its 277-year history… $1bn of that spent on “luxury”… $7.1bn at Christie’s, the auction house’s highest total ...

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Sotheby’s Christie’s And Phillips Global Sales Surge - Artlyst

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Dec 22, 2021 · Private Sales in 2021 totalled $1.7 B/£1.2 B, an 108% increase in 2019; the number of transactions between $5-10m doubled in 2021 (vs 2020); the number of buyers for …

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FAQs about As Art Sales Fall, Christie’s and Sotheby’s Pivot to Luxury Coupon?

Why are Sotheby's & Christie's selling so much in 2024?

Sales at Sotheby’s and Christie’s were down for the second year in a row in 2024, according to preliminary figures released by the companies in December. With both supply and demand for big-ticket art in a slump, the auction houses are making major bets on selling luxury goods and niche experiences to make up the shortfall. ...

Does Christie's sell luxury goods at auction?

However, the house has provided category breakdowns for auction sales, which contain some surprising results. Despite headlines being dominated by the growth in sales of luxury goods at auction houses, the luxury category at Christie's actually saw the sharpest decline at auction in 2024, dropping 31% year-on-year. ...

Does Sotheby's sell more luxury than art?

Last year, luxury generated about 33 percent of sales at Sotheby’s, compared with 16 percent at Christie’s, according to the companies’ communications teams. But the category attracted more buyers than art did. Guillaume Cerutti, the chief executive of Christie’s, spoke to reporters last month during an end-of-year media call. ...

Are Sotheby's & Christie's making a big bet on art?

With both supply and demand for big-ticket art in a slump, Sotheby’s and Christie’s are making major bets on selling handbags, classic cars and niche experiences. There have been few headline-grabbing sales like Leonardo da Vinci’s “Salvator Mundi,” which sold at Christie’s in 2017 for a record $450.3 million. ...

Why did luxury sales decline at Christie's in 2024?

Despite headlines being dominated by the growth in sales of luxury goods at auction houses, the luxury category at Christie's actually saw the sharpest decline at auction in 2024, dropping 31% year-on-year. This is likely due to a reduction in overall spending by clients in Asia, who typically lead this category. ...

Is China affecting Sotheby's & Christie's luxury spending?

Weaker luxury spending in China is among the factors weighing on demand for fine art and affecting both Sotheby’s and historic rival Christie’s. One of Sotheby’s marquee auctions fell short of expectations in May, when the winning bid for a Francis Bacon portrait of his lover George Dyer missed the low end of its $30mn-$50mn estimate. ...