Two of the world’s largest auction houses have signalled a return to growth in the global art market, offering early evidence that a prolonged downturn in demand may be easing.
Sotheby’s, headquartered in New York, said it expects sales to rise by 17 per cent in 2025 to around $7 billion. Auction sales alone are forecast to increase by more than a quarter year on year to $5.7 billion, alongside what the company described as its strongest-ever performance in luxury categories.
That outlook places Sotheby’s ahead of its closest rival, Christie’s, which said on Tuesday that it anticipates global sales rising by about 6 per cent to $6.2 billion this year. Both auction houses are privately owned and did not disclose profit or loss figures.
The fine art market has faced several challenging years, marked by weaker demand from ultra-wealthy collectors and shifting tastes among younger buyers. Sotheby’s, which is owned by billionaire Patrick Drahi, reported annual losses 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 luxury group Kering.
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