Sothebys and Christies Signal Global Art Market Recovery in 2025

Sothebys and Christies, two of the most influential auction houses in the world, are forecasting a reversal of fortune in the global art market after a prolonged downturn. Sothebys, headquartered in New York, projects a 17 percent rise in sales to 7 billion US dollars for 2025. Auction sales are expected to surpass 5.7 billion US dollars, marking an increase of over a quarter compared with the previous year; this would constitute the companys best performance in luxury sales to date.

In contrast, Christies, based in London, anticipates a more moderate but notable uplift, with global sales forecast to rise approximately 6 percent to 6.2 billion US dollars. While both institutions remain privately owned and have withheld disclosure of profit or loss, the headline numbers represent a marked change in sentiment for an industry battered by declining demand among wealthy collectors and a shift in aesthetic preferences among younger buyers.

Sothebys annual losses more than doubled in 2024, reaching 248 million US dollars, according to recent Companies House records. The auction house is owned by the French-Israeli billionaire Patrick Drahi. Christies falls under the ownership of Artémis, the holding entity of French billionaire François Pinault, co-founder of Kering, which controls luxury names such as Gucci and Yves Saint Laurent.

Charles Stewart, chief executive of Sothebys, attributes the recovery to stronger buyer demand in the latter half of the year, citing record levels of interest across more than 450 auctions in nine countries. Among the standout transactions were the sale of Jane Birkins original Hermès Birkin bag for 10 million US dollars in July, making it the highest value handbag ever auctioned, and a collection of Patek Philippe watches that achieved 11.9 million US dollars in Abu Dhabi.

The appeal among new and younger collectors continues to grow, with 35 percent of Sothebys bidders participating in an auction for the first time. Of those, bidders under 40 made up 17 percent across global fine art and nearly 30 percent in the luxury sector. Stewart credits major, high quality collections for reinvigorating the market this year.

Bonnie Brennan, chief executive of Christies, observed that energy has returned to both the salesroom and the digital marketplace. Luxury sales increased by 22 percent at Sothebys and by 17 percent at Christies, indicating that luxury remains a gateway for younger buyers seeking entry to the art market.