The global auction market is finding its footing again, at least according to Christie’s.
Christie’s reported $4.5 billion in first-half revenue on Tuesday, including $3.5 billion in auction sales and more than $1 billion in private sales, marking the company’s strongest first six months since 2021. Auction sales rose a full 71 percent from the same period last year. The results were driven by blockbuster consignments, led by the $630.8 million sale of the collection of publishing magnate S.I. Newhouse, but Christie’s is making the case that the recovery reached far beyond a handful of headline-grabbing lots.
“We had our best first half in five years at Christie’s, growing in all departments and regions, at every price point,” chief executive Bonnie Brennan said in a statement, adding that the company also delivered “our strongest ever levels of international bidding and buying.”
Throughout its midyear report, Christie’s repeatedly pointed out indicators designed to show that demand—not simply the availability of blue-chip property—has strengthened. The company emphasized growth across regions, collecting categories, and price points, while highlighting improvements in sell-through rates, bidder participation, and prices achieved against estimates as evidence that buyer confidence has returned.
Instead of zeroing in on total sales alone, Christie’s used a good bit of its update to focus on market health. Its sell-through rate climbed to 91 percent from 87 percent a year earlier, while works sold for an average of 124 percent of their low estimates, up from 112 percent last year. Christie’s also said average bidders per lot reached a record level, pointing to broader competition across its sales.
Perhaps the most encouraging figure came outside the trophy end of the market. Christie’s said works estimated between $20,000 and $100,000 achieved 148 percent of their low estimates, a 21 percent improvement from the previous year. That suggests competitive bidding wasn’t confined to nine-figure masterpieces but extended into the middle of the market as well.
The gains were led by Christie’s fine art business. Sales of 20th- and 21st-century art climbed 79 percent to $2.3 billion, while Old Masters surged 232 percent. Luxury—which has been one of the auction industry’s fastest-growing businesses in recent years—posted a comparatively modest 15 percent increase to $539 million. The figures suggest traditional fine art, rather than luxury collectibles, accounted for much of Christie’s growth during the first half.
Christie’s also pointed to an increasingly international client base. Cross-border buying rose 34 percent year over year, while underbidding increased 69 percent. Nearly half of all new clients belonged to the millennial or Gen Z generations, and online sales continued to serve as the primary entry point for first-time buyers and bidders, accounting for 63 percent of all new clients.
The house made a point to flag its private sales business, saying it exceeded $1 billion during the first half. While the company did not break down that figure by category or region, the result brings Christie’s total first-half revenue to $4.5 billion and shows that private transactions remain an increasingly important part of the auction house’s business alongside its public sales.
The first half was anchored by several marquee consignments. In addition to the Newhouse collection, Christie’s sold the year’s three highest-priced works at auction, all of which set new artist auction records: Jackson Pollock’s Number 7A, 1948, which realized $181.2 million; Constantin Brâncuși’s
Danaïde for $107.6 million; and Mark Rothko’s No. 15 (Two Greens and Red Stripe), which brought in $98.4 million.
Then there was the continued expansion of its Art Finance business, saying the division broadened its reach across regions, collecting categories and currencies during the first half as more clients turned to art-backed lending. While the company did not provide financial figures for the business, the inclusion reflects the growing role that financing and other advisory services play alongside traditional auctions.
The Newhouse collection may have helped propel Christie’s first-half results, but the company said it is betting that clients will focus less on one blockbuster consignment than on the broader indicators of market health: stronger bidding, higher sell-through rates, and competitive prices across nearly every corner of its auction business.
