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After a challenging 2024—marked by a 25 percent contraction in the auction market—both Christie’s and Sotheby’s are closing 2025 with a clear rebound, according to newly released year-end results. Sotheby’s reported projected consolidated sales of $7 billion for 2025, a 17 percent increase over 2024. Christie’s, on a similar upward trajectory, expects to finish the year with $6.2 billion in global sales, up nearly 7 percent from last year’s $5.8 billion and broadly in line with its 2023 total. Following a slow start dampened by subdued May auctions, both houses regained momentum after the summer as the market strengthened, culminating in a multibillion-dollar fall season across London and New York.
While the blockbuster results of November’s marquee sales may not be sufficient on their own to signal a full recovery—concentrated as they are at the very top of the market—the broader picture reflected in these year-end numbers offers more substantial grounds for optimism. This year’s gains were driven not only by fine-art trophies but also by the continued rise of luxury collectibles and design—categories that are proving especially effective at attracting new buyers, often younger and from emerging markets, and ultimately broadening the base of the market overall.
Sotheby’s record year, led by trophies and luxury
Sotheby’s recorded a 26 percent year-over-year increase in auction sales to $5.7 billion, with a sharp acceleration in the second half of the year, which brought in 59 percent more than the same period in 2024. Private sales contributed an additional $1.2 billion, slightly below the prior year but still substantial.
Fine art sales generated $4.3 billion in revenue for the auction house in 2025, marking a 15 percent increase from the previous year’s downturn. The rebound was fueled by the exceptional quality of consignments secured for the fall season, including record-breaking masterpieces such as the $236.4 million Gustav Klimt—the most expensive work ever sold by Sotheby’s—and the $54.7 million Frida Kahlo, which set a new record for a work by a female artist.
November’s inaugural sales at the Breuer delivered the year’s biggest revenue surge, with six white-glove auctions totaling $1.173 billion in just a few days. Single-owner collections played a decisive role, including the $527.5 million Lauder collection in New York and the $137 million Karpidas collection earlier in London—high-profile consignments that helped lift market sentiment at a critical moment. “Our strong performance in the second half of the year demonstrates clear momentum in our markets, driven by more high-quality, major collections meeting Sotheby’s record levels of buyer demand,” confirmed Sotheby’s CEO Charles F. Stewart.
At the same time, Sotheby’s “Another World” strategy—transforming its major regional headquarters from Hong Kong to Paris and now the iconic Breuer building into cross-category boutique destinations—is beginning to deliver tangible results. The luxury sector is becoming increasingly central to the business, generating $2.7 billion in revenue, up 22 percent year-over-year and surpassing $2 billion for the fourth straight year.
Luxury is also emerging as a primary driver of market expansion, capable of attracting younger collectors while opening doors to new and rising markets. This was underscored by Sotheby’s successful $133 million Collectors’ Week in Abu Dhabi, whose cross-category luxury offerings drew collectors from 35 countries. Of those bidding, 28 percent were new to Sotheby’s and nearly one-third were under the age of 40.
The $10.1 million sale of Jane Birkin’s original Hermès Birkin in Paris this summer focused attention on both the rising value and estate-planning complexities of luxury collectibles. Sotheby’s also reported a record year for watches, with a $42.8 million white-glove December auction in New York immediately following Collectors’ Week. That sale was led by the record-breaking complete four-piece set of the Patek Philippe Star Caliber 2000, which sold for $11.9 million.
Jewelry maintained strong momentum in Abu Dhabi and globally, with sales up approximately 18 percent. Meanwhile, RM Sotheby’s automotive division exceeded $1 billion in revenue for the first time, propelled by multiple records—including a 1994 McLaren F1 (chassis 014), the most expensive McLaren ever sold at public auction, and the highest-priced new Ferrari ever to hit the auction block during Abu Dhabi Collectors’ Week.
Sports collectibles continue to attract bidders, but the standout among today’s collectibles may be dinosaurs, as demonstrated by the juvenile Ceratosaurus that soared to $30.5 million at Sotheby’s—more than seven times its low estimate.
The Design category also continues to gain traction and importance, with 65 percent growth over last year. It closed with a $50.2 million auction earlier this month—the highest total ever for the category—led by Lalanne’s Hippopotame Bar, which reached a record-setting $31.4 million.
Taken together, these categories are central not only to sustaining the market but to reshaping Sotheby’s identity—from a traditional auction house catering primarily to connoisseurs into a broader luxury-experience destination capable of attracting bidders across multiple price tiers. This represents a key strategy in today’s market. By expanding participation and transaction volume, Sotheby’s can continue to drive revenue growth even as the ability to consistently secure multimillion-dollar fine-art masterpieces—this season included—remains neither guaranteed nor sufficient on its own to support headline results year after year.
At Christie’s, the right pricing strategy met sustained bidding
Christie’s also reported what CEO Bonnie Brennan described as a “healthy and successful year,” with total auction revenue rising 8 percent to $4.7 billion. Combined with $1.5 billion in private sales—representing approximately 24 percent of the total—this brought the auction house’s global sales for 2025 to $6.2 billion, a 7 percent increase from the previous year.
One of the clearest indicators of how sustained bidding aligns with pricing strategy on the auction-house side is sell-through and sold-by-lot performance—an obsession of Christie’s global director Alex Rotter, as he recently revealed in an interview with ARTnews. Christie’s reported a sell-through rate of 88 percent and a hammer-to-low estimate index of 113 percent, both notably higher than in 2024.
The Americas remained Christie’s leading market, accounting for 41 percent of total sales with $2.584 billion in value after a 15 percent year-on-year increase. That growth was largely driven by standout consignments in New York, including the $272 million Leonard & Louise Riggio collection in May and the $223 million collection of Robert F. and Patricia G. Ross Weis. The latter was topped by Mark Rothko’s No. 31 (Yellow Stripe), which sold for $62.1 million and helped push November’s marquee sales to a record $964.5 million—the highest in three years.
The MEA region (Europe, Middle East, Africa) also expanded its share of Christie’s global total, rising from 32 percent in 2024 to 36 percent in 2025, with $1.435 billion in sales. Asia-Pacific, by contrast, declined for the second consecutive year, generating $686 million—5 percent less than the year before—and now accounts for 23 percent of Christie’s global business. Sales for Asian Art and World Art were also down 6 percent this year.
The 20th and 21st century category remains Christie’s core revenue driver, generating $2.859 billion in 2025, a 6 percent increase from the previous year. However, the Classics and Old Masters segments posted even stronger growth, generating $285 million and $182 million, with increases of 15 percent and 24 percent, respectively. Leading the Old Master category was Canaletto’s Venice, the Return of the Bucintoro on Ascension Day, which sold in July in London for a record-setting £31.9 million ($43.9 million).
Meanwhile, the importance of the Luxury and Automotive markets continues to rise. Luxury sales reached $795 million, up 17 percent from 2024, while automotive sales through Gooding Christie’s totaled $234 million—an increase of 14 percent and the highest-grossing year in the company’s history.
Crucially, luxury is proving to be Christie’s most effective tool for attracting new and younger buyers. It accounted for 38 percent of new bidders in 2025, outperforming even the 20th and 21st century category, which contributed 33 percent. Asia-Pacific buyers in particular were highly engaged, with regional president Rahul Kadakia noting that they contributed 37 percent of global Luxury auction spend. This underscores the strong potential of Eastern markets—especially Southeast Asia—when engaged through categories aligned with their growing and increasingly affluent populations.
Christie’s also saw increased engagement from the Indian diaspora and broader participation across the Asia-Pacific region, which remains one of the strongest growth opportunities alongside rising spending power in the Middle East, particularly in the Kingdom of Saudi Arabia and the United Arab Emirates.
For Christie’s—as for all the major auction houses—sustaining revenue growth hinges on expanding the market: both by tapping rising geographies and by attracting new generations of collectors capable of growing with the brand.
The demographic shifts are promising. In 2025, 46 percent of new bidders and buyers were millennials or younger, up roughly 5 percent from the previous year. The female client base also grew by about 10 percent. These trends align with wealth management forecasts and the 2025 Art Basel & UBS Survey of Global Collecting, which found that high-net-worth women outspent their male peers by an average of 46 percent on art and antiques in 2024. Women were also more likely than men to collect digital works, pieces by unknown artists, and emerging talent—pointing to both rising influence and evolving preferences that are reshaping the market.
All of this is unfolding in the context of the so-called “Great Wealth Transfer,” as economists forecast trillions of dollars passing from older generations to younger ones, boosting disposable income and discretionary spending among buyers already demonstrating a strong interest in collecting. Women are projected to inherit a substantial share of this wealth—some estimates suggest up to 70 percent—and by 2030, they are expected to control trillions in investable assets, a dramatic rise compared to previous decades.
Equally critical to attracting new buyers is the diversification of offerings across price points and categories, paired with technology designed to reach a generation that lives and buys online. In 2025, 63 percent of Christie’s new buyers made their first purchase online, where the average price (excluding wine) rose 14 percent year-on-year to $22,700.
Christie’s plans to continue investing in tech through 2026, including its collaboration with Dubbl on the Christie’s Select app for Apple Vision Pro, which offers immersive, spatial auction previews, and the ongoing Art+Tech Summits.
But attracting new buyers is only half the equation. Retention and long-term engagement—especially with younger collectors—are equally important. New buyers acquired in 2024 returned in 2025 and increased their total spend by 54 percent, with 22 percent purchasing in a different category from their original acquisition. These figures point to encouraging momentum not just for Christie’s but for the broader art and collectibles market, suggesting that even amid recalibration, a more diverse audience is emerging—one ready to support the market’s next chapter, even as tastes and trends continue, as always, to evolve.
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Elisa Carollo
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