"Over the past few years, there has been a new level of discipline across the houses and the buyers. A recalibration followed the very frothy post-Covid years, leading to greater scrutiny from buyers on provenance and estimate level."
"Auction houses have collectively become more disciplined in where they set estimates. They now realize that if works are not properly estimated, they are not going to find buyers."
"Some houses are expanding into new geographies like Saudi Arabia and new collecting categories. They are offering what people want: cars, real estate, luxury, memorabilia, and dinosaur skeletons."
"The past months saw auction houses adjusting their buyer's-premium-BP-structures, raising the percentage for certain price brackets to bring in higher fees, which may impact market attractiveness."
The auction industry has undergone significant changes, marked by increased discipline among auction houses and buyers. There is a heightened focus on provenance and accurate estimates. Auction houses are now more selective in their offerings, emphasizing fresh and historically significant works. New geographies and categories are being explored, including luxury items and collectibles. Additionally, adjustments to buyer's premium structures are being made to address high operational costs, although these changes may affect market attractiveness.
Read at Artnet News
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