Art Market Recovery Shows Two-Speed Growth with Auction Houses Surging
The first half of the year in the art market shows a dual-speed recovery. Christie's and Sotheby's achieved remarkable increases of 78% and 88%, respectively, compared to last year, largely due to significant estate sales. Meanwhile, Phillips saw a 36.4% rise, although it depended more on watch auctions than on contemporary art, which is experiencing a downturn. Heritage Auctions celebrated its highest mid-year total to date amid a thriving collectibles market. Furthermore, Hauser & Wirth has been exonerated from allegations of violating U.K. sanctions against Russia related to the 2022 sale of a George Condo piece.
Key facts
- Christie's and Sotheby's saw gains of 78% and 88% respectively from the same period last year.
- Phillips grew 36.4% but leaned on watch auctions rather than contemporary art.
- Heritage Auctions posted its best mid-year total ever.
- Hauser & Wirth cleared of breaching U.K. sanctions against Russia over 2022 George Condo sale.
- Data sourced from Artnet Price Database.
- Contemporary art remains a cooling segment of the market.
- Collectibles market is booming.
- Art Market Minute will be on summer break through August.
Entities
Artists
Institutions
- Artnet
- Christie's
- Sotheby's
- Phillips
- Heritage Auctions
- Hauser & Wirth
Locations
- United Kingdom
- Russia