"ArtTactic reported a 44 percent decline in art sales at Christie's, Sotheby's, and Phillips in the first half of 2025 compared to 2022, resulting in a $3bn revenue loss."
"Luxury sales of handbags, watches, and jewelry have steadily climbed since 2019, threatening to rival art as the financial backbone of auction houses."
"Sotheby's projected $7bn in total sales for 2025, with $2.7bn coming from luxury, marking a 22 percent increase from 2023."
"The luxury market in the Middle East was valued at around $13bn and is growing, significantly contributing to Sotheby's luxury sales, which have increased by 350 percent year-on-year."
Art sales at Christie's, Sotheby's, and Phillips dropped 44% in the first half of 2025 compared to 2022, resulting in a $3bn revenue loss. Factors like global economic uncertainty and reduced speculative buying have led to decreased collector spending. Conversely, luxury sales of high-end items have surged, particularly in the Middle East, threatening to surpass art sales as the auction houses' main revenue source. Sotheby's projected $7bn in total sales for 2025, with $2.7bn from luxury, reflecting a significant growth trend in this sector.
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