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Global collectors have given auction houses a Christmas present: a projected uptick in full-year revenue that marks a reversal from recent years of decline.<\/p>\n
The \u201cBig Three\u201d \u2013 Sotheby\u2019s, Christie\u2019s and Phillips \u2013 have reported a combined projected total revenue of US$14.1 billion for 2025, up roughly 10 per cent from 2024.<\/p>\n
\u201cThe first half was solid and stable. I feel even better at the end of the year, as a great second half gave us an even stronger finish,\u201d Christie\u2019s CEO Bonnie Brennan told the Post on December 15, after the company posted a 6 per cent increase in projected sales to US$6.2 billion \u2013 a figure that includes both auctions and private sales.<\/p>\n
Another encouraging sign came two days later, when Sotheby\u2019s announced a 17 per cent jump in its projected sales to US$7 billion. This was followed on December 19 by Phillips\u2019 announcement of a 10 per cent jump that took its 2025 total to US$927 million.<\/p>\n
But the recovery in Asia is lagging behind that seen in the United States and Europe, at least in terms of auction sales.<\/p>\n
Christie\u2019s Asian auction sales \u2013 which mostly take place in Hong Kong, where Sotheby\u2019s and Phillips also have their Asia headquarters \u2013 contracted by 5 per cent, while auction sales in the Americas surged 15 per cent and were up 2 per cent in Europe, the Middle East and Africa.<\/p>\n<\/div>\n