"Sotheby's, headquartered in New York, said it expects sales to rise by 17 per cent in 2025 to around $7 billion. Auction sales alone are forecast to increase by more than a quarter year on year to $5.7 billion, alongside what the company described as its strongest-ever performance in luxury categories. That outlook places Sotheby's ahead of its closest rival, Christie's, which said on Tuesday that it anticipates global sales rising by about 6 per cent to $6.2 billion this year."
"The fine art market has faced several challenging years, marked by weaker demand from ultra-wealthy collectors and shifting tastes among younger buyers. Sotheby's, which is owned by billionaire Patrick Drahi, reported annual losses that more than doubled to $248 million in 2024, according to recent Companies House filings. Christie's is owned by Artémis, the holding company of François Pinault, the French billionaire behind luxury group Kering."
"Among the most high-profile sales this year was the $10 million auction of Jane Birkin's original Hermès Birkin bag in July, making it the most valuable handbag ever sold at auction. A collection of Patek Philippe watches also fetched $11.9 million during Sotheby's collectors week in Abu Dhabi. Sotheby's said interest from younger and first-time buyers continued to grow. First-time bidders accounted for 35 per cent of participants."
Two of the world's largest auction houses report forecasts of rising sales, indicating a return to growth in the global art market. Sotheby's expects 2025 sales to rise 17% to about $7 billion, with auction sales reaching $5.7 billion and strong luxury performance. Christie's anticipates about a 6% increase to $6.2 billion. The fine art market experienced several difficult years due to weaker ultra-wealthy demand and shifting younger-buyer tastes; Sotheby's reported 2024 losses more than doubling to $248 million. High-profile results included a $10 million Hermès Birkin and an $11.9 million Patek Philippe collection, while younger and first-time buyers increased participation.
Read at Business Matters
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