All through historical past, in occasions of deep uncertainty, folks have turned to the classics and the previous for reference and solace. That sample appears to carry true immediately: amid financial instability and ongoing geopolitical turmoil, together with a near-continuous outbreak of latest wars, the artwork market has been typically sluggish, notably throughout the oversaturated up to date and extremely up to date segments. But the Previous Masters night auctions in London earlier this month defied expectations, producing a mixed complete of £58 million (excluding purchaser’s premium) between Christie’s and Sotheby’s—a notable enhance from 2024.
Topping the London Traditional session was the record-setting £31.9 million sale of a Canaletto masterpiece at Christie’s, which accounted for a good portion of the public sale home’s £60,844,240 ($83,660,83) Traditional Week complete, combining outcomes from the Previous Masters Night Sale and The Distinctive Sale.
As soon as a part of the gathering of Britain’s first Prime Minister, Sir Robert Walpole, the portray got here to public sale with a distinguished, totally documented provenance, intensive supporting literature and an distinctive state of preservation. Its floor retained a richly textured magnificence, with impasto on many figures nonetheless intact thanks partially to a restricted chain of possession. The work rapidly attracted sturdy curiosity, as work of this caliber hardly ever seem in the marketplace, and 5 bidders from Asia, Europe and North America competed for the Canaletto through the sale.
In line with Andrew Fletcher, Christie’s international head of Previous Masters, it was fairly extraordinary to have 5 bidders above £20 million on lots like this. “Nice works, and weird works, priced proper, proceed to be the order of the day,” Fletcher informed Observer, confirming that the Previous Grasp market is in strong form, with Christie’s July sale in London attaining the very best sell-through price by worth (99 p.c) and the very best by lot (87 p.c) in 13 years—marking the home’s fifth consecutive yr main the class globally. He revealed that the customer of the Canaletto collects throughout classes, signaling how the Previous Masters are producing new curiosity throughout several types of collectors.
Christie’s Traditional Week in London additionally delivered standout leads to The Distinctive Sale, the place masterpieces of ornamental artwork and traditionally vital objects from a number of eras achieved sturdy costs. After the sale, Thomas Williams, head of the public sale, informed Observer they have been thrilled to see that the battle-scarred Union Jack—flown from HMS Spartiate on the Battle of Trafalgar—had sailed previous its excessive estimate in a fiercely contested bidding warfare between cellphone and on-line patrons.
Additionally sparking pleasure through the night sale was Titian’s Portrait of a nobleman, seated earlier than a window, which bought for £3,428,000 ($4,713,500). The consignor acquired the portray in a non-public deal by Christie’s from the gathering of James O. Fairfax AC, which had beforehand positioned it on long-term mortgage to the Nationwide Gallery of New South Wales in Sydney. One other spotlight was Jan Davidsz de Heem’s luxurious and immaculately preserved nonetheless life, which bought for £3,670,000—hitting its low estimate, as probably anticipated and pre-arranged with the irrevocable bid masking it.
Christie’s Previous Masters Night Sale closed at a robust £46.2 million (excluding purchaser’s premium), surpassing the low presale estimate of £39.57 million although falling in need of the £50.23 million excessive. Of the thirty-nine tons provided, thirty-four bought, leading to a stable 87.2 p.c sell-through price. The 5 unsold tons accounted for £820,000 in missed worth, whereas three tons have been withdrawn forward of the sale, carrying a mixed low estimate of £1.45 million.
An distinctive mixture of high-quality consignments, sturdy presale commitments—masking 80 p.c of the whole hammer worth, the highest-ever proportion for a July London Previous Masters Night Sale at Christie’s, in line with Pi-EX evaluation—and a sensible, or just sensible, pricing technique (with most estimates beneath £4 million) proved to be a profitable formulation. The sale achieved the very best sell-through price by worth within the historical past of Christie’s Previous Masters gross sales (99 p.c) and the strongest sell-through price by lot since 2012 (87 p.c).
Sotheby’s efficiency was additionally stable—notably given the present market local weather—with its Previous Grasp and Nineteenth Century Work Night Public sale totaling £14.5 million ($19.9 million) and attaining a robust 81 p.c sell-through price. The sale was animated by energetic bidding each within the room and on-line. Of the thirty-one tons provided, twenty-five bought, whereas 5 failed to seek out patrons, representing £3.96 million in missed gross sales worth. Forward of the public sale, Sotheby’s had additionally withdrawn two tons carrying a mixed low estimate of £240,000. Nonetheless, outcomes mirrored an 11.7 p.c enhance from the earlier yr, though the whole stays effectively under pre-pandemic ranges—the July 2019 equal introduced in £47.7 million.
Main the public sale was a uncommon, top-quality trophy lot: J.M.W. Turner’s The Rising Squall, Sizzling Wells, from St Vincent’s Rock, Bristol, a just lately rediscovered portray and the primary work the British grasp ever exhibited, painted when he was simply 17 years previous.
“We noticed a buoyant saleroom—with electrical bidding within the room, alongside bids from my colleagues on the telephones (together with these in our up to date crew) and on-line,” George Gordon, Sotheby’s co-chairman for Previous Grasp Work Worldwide, informed Observer. The aggressive bidding started with the opening lot: an beautiful early 14th-century Byzantine icon that had just lately resurfaced from a non-public assortment in Italy. Estimated at £160,000–200,000, it soared to £825,500 ($1.1 million) after being pursued by six bidders—greater than 4 occasions its excessive estimate.
The night additionally set new information for a number of artists. Lorenzo di Credi reached £2.7 million ($3.7 million), a file for the Florentine Renaissance painter. A portrait by Corneille de Lyon doubled its estimate, promoting for £863,600 ($1.2 million) after 4 bidders competed for it. Unpublished and largely unknown till now, a piece by Diana de Rosa introduced in £317,500 ($436,086), whereas a marine scene by Ivan Konstantinovich Aivazovsky bought for £1.1 million ($1.5 million).
One other main spotlight was Artemisia Gentileschi’s David with the Head of Goliath, which bought for £1.9 million ($2.7 million), near its excessive estimate. A current rediscovery, Sotheby’s described it as “among the best works by the artist ever to come back to the market.” The portray carries notable provenance: it was executed round 1630, whereas Gentileschi was in London, and was commissioned by King Charles I. It remained in England till the late 18th Century and altered palms a number of occasions earlier than being acquired in 2018 by the present consignor at Hampel High quality Artwork Auctions for simply €104,000. On the time, it had been listed merely because the work of a Seventeenth-century Caravaggesque painter; its attribution to Gentileschi was corrected on-line earlier than this sale. The outcome marks a putting markup for the vendor—particularly in gentle of Gentileschi’s rising market, pushed by renewed scholarly consideration, feminist revisionism and elevated institutional demand. Nonetheless, the worth fell in need of her top-tier outcomes: Gentileschi’s strongest works now commonly fetch $3 million–6 million at public sale when provenance and situation align, and her file stays $5.3 million, set at Sotheby’s Paris in 2018.
Notably, a number of of the best-performing tons within the sale have been newly resurfaced—both just lately rediscovered or reappearing after a long time in the identical household assortment. Many of those works have been gained by bidders within the room after extended battles, a transparent signal of real, aggressive curiosity not pushed solely by pre-arranged monetary ensures, as has develop into frequent within the more and more hushed rooms of Up to date and Trendy night gross sales. As an alternative, these bids appeared to come back from true collectors, connoisseurs and even establishments, all drawn to the distinctive high quality of works provided in London that week. Sotheby’s reported strong institutional, cross-category and international participation, with energetic bidding from Europe, the U.S., Asia and the Center East throughout all auctions.
A broader take a look at Sotheby’s gross sales additionally reveals a big and strategically profitable enlargement of focus to incorporate Nineteenth-century works, reflecting a shift in curatorial strategy and market categorization.
It’s also value noting that these auctions passed off after Regulation EU 2019/880 took impact. This regulation now requires European public sale homes, galleries and vintage sellers to supply detailed provenance analysis and documentary proof for all cultural items over 200 years previous that originate exterior the EU.
Previous Grasp efficiency fluctuates throughout areas and time
This yr was already anticipated to be a robust one for the class, notably with Sotheby’s bringing to public sale probably the most prestigious collections in current reminiscence, assembled by the late banker Thomas A. Saunders III and his spouse, Jordan. Touted as the most important single-owner Previous Masters assortment ever to come back to public sale, it was extensively seen as a bellwether for the market.
Nonetheless, when it was auctioned in Could, the gathering reached a mixed complete of $65.4 million—effectively under the $80-120 million estimate vary. Regardless of falling in need of the $49.6 million benchmark set by the Fisch Davidson assortment in 2023, it nonetheless marked the very best complete achieved for a single-owner Previous Masters public sale. The sale underperformed, with a 62 p.c sell-through price, attributed to not the standard of the tons, however to extra cautious purchaser habits on the high finish of the market, coinciding with Trump’s tariff threats and renewed inventory market volatility. And but, even in a sluggish, post-Brexit London market, final week’s outcomes steered a extra energized collector response.
Nonetheless, regardless of the Saunders assortment falling in need of expectations, ArtTactic’s newest report on international public sale information confirms that the Previous Masters class outperformed different artwork market segments within the first half of 2025—probably boosted by the distinctive turnout on the July auctions—rising 35.6 p.c year-over-year to $171.2 million. In 2025, mixed gross sales for Previous Masters totaled £57.8 million.
“This yr has already been one other thrilling one for Previous Masters, with standout work and prized collections dominating the headlines,” George Gordon, Sotheby’s co-chairman for Previous Grasp Work Worldwide, informed Observer when requested concerning the market within the first half of 2025. “Not solely did we set a brand new file in Could for probably the most useful assortment of Previous Masters ever bought in a single public sale in New York, however we additionally offered extraordinary rarities and discoveries in our most up-to-date London sale.” Gordon sees Sotheby’s as main the worldwide Previous Masters market this yr. “Past the public sale room, we’ve introduced a number of vital non-public gross sales to museums, together with two works which have just lately discovered a house in London’s Nationwide Gallery—an beautiful nonetheless life by Floris van Dijck and an exceptionally uncommon and putting Early Netherlandish altarpiece.”
In February, Sotheby’s Grasp Work Half I sale additionally confirmed sturdy performances, attaining a complete of $23.3 million—up from $16.8 million in 2024. Highlights included Peter Paul Rubens’s Annunciation, which bought for $4 million; Raphael’s early work Saint Mary Magdalene, which achieved $2.6 million; and a Mystic Marriage of Saint Catherine attributed to Botticelli’s workshop, which introduced in $550,000.
As Sotheby’s Previous Masters crew shifts focus towards the December sale in London, Gordon anticipates a number of thrilling works within the pipeline. However first, one other main public sale: the sale of the Manny Davidson assortment in Paris and London is already producing excessive expectations. “The Davidson assortment will embody distinctive Previous Grasp work by artists reminiscent of Rubens, Reynolds, Michael Sweerts and Thomas de Keyser,” Gordon explains. “The Rubens specifically has an interesting story—it’s a rediscovery, now recognized as the dual to a sketch hanging within the Louvre, with the noticed marks on the unique oak plank aligning like a jigsaw puzzle.”
Nonetheless, ArtTactic information point out that Christie’s has already surpassed Sotheby’s in 2025, claiming 80.1 p.c of the market versus Sotheby’s 19.1 p.c, main each in worth and quantity.
Christie’s within the first half of 2025 has demonstrated the power of strategic scholarship and the market’s continued urge for food for rediscoveries. Throughout its February Previous Masters night sale in New York, the highest lot—Joachim Anthonisz Wtewael’s Adam and Eve—bought for $2 million after a $1 million-1.5 million estimate. One other standout was the Portrait of Mary, Duchess of Burgundy by the Grasp of the Magdalene Legend, which soared to $239,400 towards a $40,000-60,000 estimate.
In Could, Christie’s Previous Masters and Nineteenth Century Work sale returned with extra cautious expectations, as no tons carried six-figure estimates. Nonetheless, the public sale delivered notable moments—Galatea, a fraction attributed to Artemisia Gentileschi, achieved $428,400, greater than quadrupling its $50,000-70,000 estimate. One other just lately reappraised feminine artist, Catherine Lusurier, additionally drew sturdy bidding: her late 18th-century Portrait of a Younger Artist bought for $239,400 over a $40,000-60,000 estimate.
On the identical time, in line with ArtTactic, the July auctions confirmed a promising rise in worth confidence amongst bidders at each public sale homes, with extra tons promoting over the low estimate. On this context, Christie’s reported a median worth of £1.36 million in 2025—effectively above Sotheby’s £460,400—marking the fourth consecutive yr it has outperformed on this metric. Whereas collectors could also be extra cautious with estimates and expectations, they continue to be desperate to compete for distinctive works whose worth is supported by sturdy attributions, compelling tales and historic significance.
“The Previous Masters market hasn’t precisely been perceived as probably the most thrilling a part of the artwork world in recent times, however if you happen to look throughout the final decade or so, it’s confirmed to be probably the most secure,” Megan Corcoran Locke of ArtTactic informed Observer, noting how, whereas different sectors have surged and slumped, Previous Masters have quietly held their floor. “Fewer star tons, sure—and even after they do seem, they hardly ever hit the record-breaking heights of the Impressionist, Trendy or Put up-Warfare markets, however the class continues to carry out persistently.”
Studying the market
Nonetheless, it’s value remembering that public sale figures replicate solely a partial view of the market, as probably the most useful masterpieces—particularly in a phase already burdened with regulatory and provenance constraints—are sometimes negotiated and transacted privately, beneath the radar of public reporting. To get a fuller image of the market’s present temper, Observer turned to sellers.
“The Previous Grasp market this yr has been agency however selective: excellent issues, just like the Canaletto at Christie’s, do exceptionally effectively,” confirmed Jonathan Inexperienced, CEO of Richard Inexperienced Gallery, a London-based gallery and long-standing chief within the area, now in its fourth technology of household possession after 70 years in enterprise. “Blue-chip names, provenance and good situation are key. Now we have discovered a thirst for 18th-century Venetian vedute work and 18th-century French: individuals are searching for appeal and luxury.”
Marco Voena, accomplice at Robilant+Voena—probably the most revered galleries specializing in European Previous Masters and Twentieth-century Italian and American artwork—provided a extra assertive take. “The current success of the Canaletto masterpiece marks the tip of round 15 years of hypothesis within the artwork market,” Voena informed Observer. He co-founded the gallery in London in 2004 with Edmondo di Robilant, and now operates exhibition areas in London, Milan, Paris and New York.
For Voena, the market had been handled for a lot too lengthy like a inventory change—one thing it was by no means meant to be. “Folks purchase a bit of artwork that usually doesn’t see the sunshine of day, and one is thus unable to construct a connection to it. And why? As a result of in six months, or a yr, or two years, it is going to find yourself again in the marketplace, with a mark-up,” he noticed.
But the profitable sale of the Canaletto indicators the return of extra passionate connoisseur collectors in a position to respect true high quality and cultural relevance. “This final yr for Previous and Trendy Masters, there was a shift to what really issues: high quality. Simply take a look at the museum-level items which have been provided… the Canaletto, the nonetheless life by Jan Davidsz de Heem, the cottage inside by Gerrit Dou, the Saint Quirinus by Renaissance grasp Lorenzo di Credi, the portrait by Corneille de Lyon and J.M.W. Turner’s first found work,” he notes. “All the things bought and bought effectively. The Turner, the Canaletto, the de Heem…”
“July is an effective second to take inventory,” Alessandra di Castro informed Observe. “For us artwork sellers and antiquarians, that is once we assess the yr—earlier than the summer season break—as a result of it’s additionally an important time for preparation and acquisition,” defined the famend Roman antiques supplier, the fourth technology of her household main the historic enterprise primarily based in Piazza di Spagna.
Although hardly ever mentioned, summer season is a important interval for Previous Masters sellers. It’s when acquisitions, restorations and planning for the autumn and spring seasons happen. “We purchase, restore and above all, examine—conducting all of the analysis that enables us to deliver new discoveries to festivals like TEFAF Maastricht,” she mentioned. As sellers search for consignments or outright purchases, they have to already know the place the market is headed and the place to put their cash. “As antiquarians, we make investments immediately in objects. So we should ask, is now the fitting time to speculate, and in what? Now we have to make decisions, anticipate tendencies and tastes, and perceive the place the market is transferring. These are the months once we replicate, change views and observe.”
On the time of our dialog, Di Castro was notably optimistic after celebrating a historic milestone: the VAT on artwork gross sales being diminished from 22 p.c to five p.c, the bottom in Europe. “The brand new 5 p.c VAT applies to the sale of artworks, excluding margin schemes for personal gross sales. It additionally applies to imports from the U.Ok., U.S. and Switzerland, the place we beforehand paid 10 p.c. So that you’re asking me this at a euphoric second, one I consider will assist revive the home market,” she famous.
Nonetheless, Italy stays burdened by restrictions on the export of cultural property, and the implementation of Regulation EU 2019/880 in June is anticipated to introduce new bureaucratic challenges. Di Castro is at the moment importing her first object beneath this new rule, and every part is on maintain as she navigates the method. “I haven’t discovered it obstructive but, largely as a result of we’re confronting it for the primary time. However forms is heavy—extra crimson tape means extra logistical burden and better compliance prices.” Regardless of this, she stays hopeful, because the VAT discount ought to assist offset a few of these points. Moreover, Federico Mollicone, chair of the Tradition Committee in Parliament, introduced a brand new legislative proposal titled Italia in scene, centered on innovation, promotion and simplification. That, she hopes, will result in long-overdue updates in cultural heritage coverage—notably the notification system nonetheless ruled by a legislation courting again to 1939. “That wants updating too,” she mentioned. “We should always focus restrictions on really distinctive works of historic and creative worth, not items that flow into continuously.”
New laws may assist Italy catch up after years of delay and convey the nation again consistent with its European friends. “That is essential, particularly for worldwide festivals like TEFAF,” she added. “Italian sellers usually present up with one leg tied, so to talk, in comparison with our potential. Closing that hole could be a serious enchancment.”
Di Castro, who sits on TEFAF’s govt committee and likewise serves as president of the Apollo group—which led a lot of the lobbying effort for the VAT reform—believes Italy’s political and bureaucratic equipment could lastly be awakening after years of inertia. “When a rustic understands the dynamics and potential of a sector and acts accordingly, it makes an enormous distinction,” she mentioned. “My household has been primarily based in Piazza di Spagna for 4 generations. I need to keep there for the subsequent generations—my daughter has determined to develop into an antiquarian, too.”
Apparently, lots of Di Castro’s purchasers immediately aren’t essentially worldwide—or not less than not essentially primarily based overseas. “There’s a passionate, curious Italian clientele that attends festivals and visits galleries,” she mentioned. “There’s a rising youthful clientele that doesn’t get a lot consideration. Many foreigners are additionally shopping for properties in Italy, inspired by the flat tax. They furnish them with Italian style and aesthetics—these are very fascinating purchasers. And now, shopping for in Italy is much more advantageous.”
Foreigners who relocate to Italy rapidly soak up the sweetness and need to be surrounded by it—very similar to vacationers through the Grand Tour. In the meantime, Italians are born into artwork. “Even when they’re medical doctors or attorneys, they develop up in cities of artwork. Our streets, fountains and buildings are museums in themselves. Artwork is a part of our every day life, so ultimately, after they can afford it, they need to stay with it.”
Public museums are additionally shopping for extra persistently, together with Italian establishments—although it’s hardly ever mentioned. “It’s not extensively reported—maybe as a result of we lack correct monitoring—however I can guarantee you that Italian museums are shopping for, they usually’re shopping for effectively to counterpoint their collections. That’s one other necessary however neglected improvement.”
The Di Castro household’s antiquarian legacy started in 1878 along with her great-grandfather Leone, was revived by her grandfather Alberto after World Warfare II, and continued by her father Franco. Alessandra now leads the enterprise, and her daughter has chosen to observe in her footsteps.
She acknowledges the sector has suffered, particularly through the pandemic. “Many galleries closed in historic facilities—Naples, Genoa, By way of del Babuino in Rome. These have been as soon as famend streets for antiques.” The explanations, she defined, transcend generational shifts or altering tastes—they embody gentrification and shifting city insurance policies. Nonetheless, she’s satisfied the career is evolving, not disappearing. And the experience behind it stays sturdy. The variety of members within the Italian Affiliation of Antiquarians, the place she serves as vice chairman, has remained regular—all the time a small group of high-level professionals—however there’s a brand new technology of sellers rising, usually with none household connection to the commerce.
“I may give numerous examples of younger folks becoming a member of the affiliation with none legacy behind them,” she mentioned. “The Twentieth century is now thought-about historic, and plenty of once-overlooked actions are being studied and exhibited.” In her personal gallery, the main target has advanced with every technology. “Right this moment’s younger patrons are drawn to things that talk to them. There’s no level pushing aesthetics that now not resonate—style and life-style have modified. You need to interpret new style, as we’ve all the time finished,” she added. “My grandfather dealt in furnishings, my father in work, and I largely deal in objets d’artwork. We’ve all the time advanced with the occasions. I deal in Twentieth-century works—one thing my father by no means did—as a result of I see how up to date that century nonetheless is.”
Even when she appears to be like at Previous Masters, Di Castro approaches them as objects. “I acquire work as a result of I like them, however I additionally search for distinctive situation and uniqueness—one thing I’ve by no means seen earlier than,” she mentioned. It doesn’t should be by a well-known title. Generally, the story of the article is extra intriguing and useful. “I’m not thinking about hypothesis; I’m searching for one thing really compelling. And immediately’s patrons are doing the identical.”
Right this moment’s collectors are knowledgeable and discerning, she confirmed. One optimistic aspect impact of current crises is that it helped eradicate speculators. “There’s much less improvisation now. Consumers need safety and professionalism. They count on due diligence, provenance, scholarly documentation and correct presentation. The problem resides as much as these expectations.”
2024 tells a unique story
But the image was very completely different a yr in the past, and 2024 was not a robust yr for the class. Information—primarily drawn from public auctions—suggests the Previous Masters market generated $182 million in gross sales in 2024 (excluding purchaser’s premium), a 44 p.c drop from 2023, in line with ArtTactic. Artnet estimated a barely extra contained decline of 27.8 p.c, whereas Artprice positioned the phase’s contraction between 32 and 49 p.c. Artnet attributed the slowdown primarily to a shortage of high-quality provide, noting solely minor development within the lowest worth bracket (beneath $10,000).
In line with this yr’s Artwork Basel & UBS Artwork Market Report, Previous Masters in 2024 remained the smallest of the superb artwork sectors, accounting for a secure 9 p.c of complete gross sales worth and eight p.c of tons bought. European Previous Masters comprised 4 p.c of the whole worth and 5 p.c of tons, each unchanged from 2023.
Because the report notes, whereas European Previous Masters as soon as persistently dominated this phase by worth, current record-setting outcomes for Chinese language Previous Masters have shifted the steadiness—proof of a extra globalized market and a rising curiosity amongst Asian collectors in reassessing their very own creative heritage. In 2024, European Previous Masters accounted for just below half (48 p.c) of the sector’s gross sales by worth and 62 p.c of tons bought. The U.Ok. ranked second within the wider Previous Masters sector, with a 19 p.c share of gross sales by worth and 14 p.c of tons bought. China emerged because the main market, accounting for 45 p.c of worth and 20 p.c of quantity. France—notably Paris—additionally gained prominence: its share rose to 9 p.c of worldwide Previous Masters gross sales (up three proportion factors) and 17 p.c of the European phase (up seven factors), representing 19 p.c of tons bought in 2024.
Sotheby’s and Christie’s remained the dominant public sale homes, collectively accounting for 50 p.c of complete gross sales by worth and 12 p.c of tons bought within the wider Previous Masters sector. However Chinese language homes additionally performed a big function: China Guardian, Xiling Yinshe and Beijing Poly Public sale joined the highest 5, collectively making up 69 p.c of gross sales worth (down six p.c year-on-year) and 19 p.c of transactions.
Even when wanting on the best-selling Previous Masters in 2024, the image stays combined and fragmented, resisting broad generalizations. The yr’s high lot was Jean Siméon Chardin’s Le Melon Entamé (1760), which bought at Christie’s Paris for $28.9 million—a file for the artist. Nonetheless, the sale later turned embroiled in controversy, because the public sale home reportedly sued the customer for non-payment. In second place was Titian’s The Relaxation on the Flight into Egypt (c.1508), which bought for $22.3 million at Christie’s London. One in every of solely about 30 recognized works by the artist to seem at public sale within the final 20 years, it set a brand new file for Titian, surpassing his earlier excessive of $16.9 million for A Sacra Conversazione, bought at Sotheby’s New York in 2011. Following that was a standout outcome for Quentin Massys the Elder, whose portray fetched $13.5 million—greater than seven occasions his earlier file. The work was acquired by the Getty Museum.
If we take a look at the Previous Masters market—European and past—between 2014 and 2024, the downward pattern is unmistakable. Whole gross sales fell from $1.63 billion to only $803 million over the last decade, with notable volatility alongside the way in which: a dip through the 2018 downturn ($941 million), an additional contraction within the pandemic yr of 2020 ($970 million), and a rebound to $1.17 billion and $1.1 billion in 2021 and 2022. ArtTactic information affirm that 2020 marked a low level for Christie’s and Sotheby’s, with simply £39.5 million in mixed gross sales and solely 45 tons bought throughout each homes—the weakest efficiency of the previous decade. Since then, quantity has steadily stabilized. In 2023, the market briefly recovered to $1.2 billion, thanks partially to highlights from the Paul Allen sale. However 2024 noticed one other dramatic decline, largely attributable to restricted provide and the absence of trophy tons—no work bought above the $10 million mark.
The image is especially stark for the European Previous Masters phase, which shrank from $838 million in 2014 to only $384 million in 2024—its worst yr on file, even under the pandemic-era low of $354 million. The 2017 peak of $646 million, pushed by the headline-generating Salvator Mundi sale, now appears like a distant anomaly.
Nonetheless, the 2024 information trace at a extra balanced and probably extra inclusive market. Works priced over $1 million accounted for simply 34 p.c of complete worth, down from 52 p.c in 2023, whereas the mid-market ($50,000 – $1 million) expanded to 48 p.c. Simply 10 p.c of complete worth got here from $10m-plus works—the bottom share of any sector and a steep fall from 21 p.c final yr. In the meantime, 93 p.c of tons bought have been beneath $50,000, contributing 19 p.c of the whole. Gross sales beneath $1 million dipped solely barely (-2 p.c year-on-year), however the sharpest declines occurred on the high finish: $1m-plus tons fell 43 p.c in quantity and 57 p.c in worth. Final yr, the one space of actual development got here from the low finish, the place works beneath $50,000 rose 9 p.c in quantity and 5 p.c in worth. This means that even in a difficult local weather, the collector base could also be increasing—not essentially just for masterpieces, but in addition, as Alessandra Di Castro identified, for a broader, extra diversified tier of works.
What’s new for artwork collectors
