Soaring auction house sales at Christie's fueled by contemporary art
In the ever-evolving world of art, Christie's UK arm has managed to make strides despite a challenging environment. The latest financial reports reveal an improvement in the company's performance, with pre-tax profits rising from £11.3m in 2023 to £17.5m in 2024, and turnover increasing from £127.2m to £132.5m over the same period.
The growth at Christie's UK arm is not limited to just the UK. The company's global sales for 2024 were projected to be $5.7bn, a fall of six per cent, according to a statement released towards the end of 2024. This decline in auction sales, which fell from $8.4 billion in 2022 to $5.7 billion in 2024, reflects a broader slump in the global art market.
However, Christie's has found a strategic cushion against this volatile auction market in the form of a strong surge in private sales. In 2024, Christie’s private sales rose by 41% to $1.5 billion, accounting for around 27% of Christie’s total revenue. This growth in private sales helped to partly offset the fall in auction revenues.
Within the luxury segment, Christie’s sold $678 million at auction in 2024, representing 12% of total sales. Luxury sales as a portion of auction sales have hovered between 13% and 17% for Christie’s in recent years, while Sotheby’s has seen a larger share of luxury sales annually.
Auctions sales in H1 2025 remained relatively stable compared to H1 2024, with Christie’s reporting $2.1 billion in auction sales and a slight increase in the auction sell-through rate to 88%. This indicates a relatively steady auction market performance under the new CEO Bonnie Brennan.
The acquisition of Gooding & Co was mentioned as a significant event in 2024 for Christie's. No specific challenges or reasons for the challenging environment are mentioned in the provided paragraph. Nevertheless, Christie's looks ahead to 2025 and beyond with confidence, despite the challenging environment for the art market.
Christie's, founded in King Street, London, in 1766, now has salesrooms in New York, Paris, Hong Kong, Milan, Geneva, Shanghai, and Dubai. Groupe Artémis, the holding company of French billionaire businessman François Pinault, now owns Christie's. Sales of Old Masters and 20th and 21st century art at Christie's UK arm contributed to an increase in 2024. Sales of Old Masters decreased slightly, from £119.5m in 2023 to £116.8m in 2024, while sales of 20th and 21st century art increased from £556.7m in 2023 to £659.4m in 2024.
In a statement, chief executive Guillaume Cerutti said: "We are pleased to close 2024 on a positive note, with stronger momentum in our Fall season sales and the acquisition of Gooding & Co." As of 2024 and the first half of 2025, Christie’s private sales have grown significantly, contributing positively to their overall performance.
Christie's expansion in the global business landscape extends beyond the UK, as indicated by their projected 2024 sales of $5.7bn. Additionally, the company's financial reports show that private sales have become a significant contribution to their finance, with a 41% rise to $1.5bn in 2024.
