Two of the world’s largest auction houses have signaled a return to growth in the global art market, offering the first signs that the ongoing decline in demand may be easing.
Sotheby’s, headquartered in New York, expects sales to rise 17 percent to around $7 billion in 2025. Auction sales alone are forecast to rise by more than a quarter year-on-year to $5.7 billion, along with what the company says is its strongest performance ever in the luxury categories.
That outlook puts Sotheby’s ahead of its closest competitor, Christie’s, which said Tuesday that it expects global sales to rise about 6 percent to $6.2 billion this year. Both auction houses are privately owned and did not disclose profit and loss figures.
The art market has endured several challenging years, marked by weaker demand from very wealthy collectors and changing tastes among younger buyers. Sotheby’s, owned by billionaire Patrick Drahi, reported an annual loss 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 the luxury group Kering.
Charles Stewart, chief executive of Sotheby’s, said the latest figures point to a “return to growth”, supported by strong buyer demand at more than 450 auctions in nine countries.
One of the most eye-catching 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.
According to Sotheby’s, interest from younger buyers and first-time buyers continued to grow. First-time bidders made up 35 percent of participants, while buyers under 40 made up 17 percent of global art bidders and nearly 30 percent in the luxury categories.
“Our strong performance in the second half of the year shows clear momentum in our markets,” said Stewart. “This is due to more and more high-quality collections coming to market and meeting record-breaking buyer demand.”
Christie’s also struck an optimistic tone. Bonnie Brennan, managing director, said that “the energy has returned to the showroom, online and across the market”.
Both auction houses pointed to strong growth in luxury sales, which rose 22 percent at Sotheby’s and 17 percent at Christie’s. Luxury goods are increasingly positioned as an entry point for younger collectors, a strategy both companies are pursuing to expand their customer base and stabilize revenues beyond traditional art.
While challenges remain, the improving prospects of the two dominant players suggest that the global art market may be entering a more stable phase after years of decline.
