#transaction-costs

#transaction-costs

Christie's raised a projected $2.1bn in the first half of 2025-pretty much the same as last year. Sales in the 20th- and 21st-century art category were down 2%, but luxury, significantly, was up 29%. The headline numbers were almost identical at Sotheby's, whose first-half sales raised $2.2bn, just slightly down on the $2.3bn in the equivalent period last year.

The results indicate that L2-L3-Exchange consistently outperforms L1 Mariana, particularly for transaction volumes of 10k and 1mn, primarily due to minimized gas fees.