The global auction house, Christie’s, announced this week that it recorded $2.1 billion in live and online auction sales during the first half of 2024, marking a 22% decrease from the previous year.
In the first half of 2023, Christie’s reported $2.7 billion in sales, a 23% decline from the $3.5 billion generated during the same period in 2022.
Historically, Christie’s has disclosed total revenues from auctions and private sales. However, this year, the firm withheld private sales figures. From 2021 to 2023, private sales significantly decreased, dropping from $850 million to $484 million.
Christie’s indicated that 41% of its buyers this year were from the Americas, 38% from Europe, the Middle East, and Africa, and 21% from Asia. Asian buyers decreased by five percentage points from the first half of 2022, declining from 26% to 21%. This figure was notably higher in 2021 at 39%.
CEO Guillaume Cerutti described the market conditions as persistently “challenging” during a Tuesday press conference for the second consecutive year.
The auction house noted one positive trend: 29% of its clients are millennials and Gen Z, defined as collectors under 40 years old. This percentage remains consistent with last year’s figures, indicating that the 250-year-old institution continues to engage younger collectors effectively.
Christie’s Auctioneers, one of the world’s most prominent auction houses, was founded in 1766 by James Christie in London. The inaugural auction was held on December 5, 1766, and since then, the company has been at the forefront of the art and auction world. James Christie’s keen eye for quality and his skill as an auctioneer quickly established Christie’s as a leading name in the auction industry.
Throughout the 19th century, Christie’s reputation grew as it handled high-profile sales, including estates and collections from the British aristocracy and European nobility.
Christie’s continues to lead the market with landmark sales, such as the record-breaking auction of Leonardo da Vinci’s “Salvator Mundi” for $450.3 million in 2017.
Today, Christie’s remains a dominant force in the global auction market. The company continues to innovate with online sales and digital engagement, ensuring it meets the needs of a diverse and evolving clientele. With over 250 years of history, Christie’s upholds its legacy of excellence while adapting to the dynamic art world and auction industry.
Christie’s commitment to quality, expertise, and customer service has solidified its reputation as a premier auction house trusted by collectors and institutions worldwide.