Personal luxury goods, including jewellery and designer items, were once crucial to auction houses' profits, constituting a third of Sotheby's revenue last year. However, the luxury sector has faced a considerable decline, particularly at Christie's, where sales in this category dropped 31% to $678 million in 2024. Despite occasional high-value sales, such as the $202 million from Heidi Horten's estate, the underlying trend indicates that the luxury market is slowing. A recent report predicts sustained minimal growth, which raises questions about the future reliability of luxury goods at auctions.
Luxury goods sales are an essential revenue source for auction houses like Sotheby's, but the sector faced a serious decline, particularly in jewellery.
Christie's sales of luxury goods dropped 31% to $678 million, marking the biggest decline amid a broader slowdown in auction sales.
The recent luxury market report suggests growth among high-end items is now slowing, with expectations of only 1% to 3% growth from 2024 to 2027.
Without the spike from the Horten estate, Christie's luxury sales are almost flat, indicating a struggle in maintaining momentum in this sector.
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