Auction market worldwide - statistics & facts
While the history of auctions goes back as far as the ancient Greeks, few could have predicted that global auction sales of art and antiques would eventually generate billions, exceeding 20 billion U.S. dollars in 2024. That said, this figure saw an almost 20 percent annual decline due to the market contracting after the rebound following the COVID-19 pandemic. The United States, China, and the United Kingdom accounted for the highest share of public auction sales worldwide in 2024, altogether generating over two-thirds of the global market’s value. Although auction houses do not exclusively focus on art, they are a pillar of the global art market, with auctions of art and antiques making up roughly 40 percent of total art sales in 2024.
Despite the new relevance of online channels, there is little doubt that in-person sales are the backbone of the auction market, especially when it comes to high-end transactions. Breaking down the number of top lots sold at online-only auctions worldwide by price range shows that most lots sold online fetched under 500,000 U.S. dollars in 2024. Looking closely at the results of the most expensive lots sold at live auctions remains, therefore, the best way to understand whether the market will manage to hammer the negative trend of the past few years.
The giants of the global auction market
Both founded in London, England, during the 1700s, Christie’s and Sotheby’s dominate the auction market. After a record-breaking 2022, marked by prestigious collections that reached historical results, sales at both companies slowed down in the following years. In 2024, total sales of Christie’s worldwide, including public and private channels, fell by almost seven percent over the previous year. Meanwhile, global sales of Sotheby’s reported a two-digit annual decline. Another key player in the global auction market, Phillips – also originating in London in the 18th century – experienced a similar trend. While global sales of Phillips reached an all-time high for the company in 2022, they decreased sharply in the following two years, totaling under one billion U.S. dollars in 2024.The new normal of online auctions
Online auctions skyrocketed during the COVID-19 lockdowns, with the major auction houses strengthening their digital presence to reduce damage caused by canceled in-person events. Although online-only sales of Christie’s, Sotheby’s, and Phillips declined steadily in the past years, the value of online sales remained significantly above pre-pandemic levels in 2024, reaching a new normal. This trend was even more pronounced in the classic car market. While online transactions accounted for less than 15 percent of the global sales value at auctions of classic cars before the pandemic, they generated almost half of the market’s value in 2024, recording a year-on-year increase.Despite the new relevance of online channels, there is little doubt that in-person sales are the backbone of the auction market, especially when it comes to high-end transactions. Breaking down the number of top lots sold at online-only auctions worldwide by price range shows that most lots sold online fetched under 500,000 U.S. dollars in 2024. Looking closely at the results of the most expensive lots sold at live auctions remains, therefore, the best way to understand whether the market will manage to hammer the negative trend of the past few years.
