High-End Art Auctions Defy Global Conflicts with Strong March Sales in London

In early March, major auction houses in London reported robust sales despite ongoing international conflicts. Sotheby's and Christie's evening auctions of Modern and contemporary art generated £131 million and £197 million respectively, representing significant increases over the previous year's results. Sotheby's achieved a 100% sell-through rate for its 54 lots, while Christie's sold 96% of its 93 offerings. These outcomes were supported by guarantees and strategic withdrawals of items lacking sufficient pre-sale interest. Notable transactions included Francis Bacon's 1972 Self Portrait, which sold for £16 million at Sotheby's, and Henry Moore's King and Queen sculpture, which set a record at £26.3 million at Christie's. Market observers noted a 'flight to quality' trend, with collectors focusing on established artists rather than current events. The sales featured significant consignments from prominent collectors, including four paintings from British billionaire Joe Lewis that contributed £35.8 million at Sotheby's, and 31 works from the late Belgian collectors Roger and Josette Vanthournout that raised £40.3 million at Christie's. While headline-grabbing pieces attracted attention, solid prices were achieved for less exceptional works by blue-chip artists. For instance, Claude Monet's 1884 painting Maison de jardinier sold for £8.2 million, and Jean-Michel Basquiat's 1986 piece Thin in the Old fetched £4.5 million. In contrast, the market for ultra-contemporary art by younger artists has declined sharply, with auction sales dropping to $48 million in 2025 from $306 million in 2022. The art finance sector is expanding, with Deloitte's 2025 Art & Finance Report projecting the market for art-secured loans to reach $33.9-$40 billion. This growth is partly driven by estate planning, as evidenced by upcoming major sales from the estates of S.I. Newhouse and Robert Mnuchin in New York. Institutional interest in art as an asset class is increasing, supported by AI-driven risk evaluation tools. The ongoing transfer of wealth to heirs, involving approximately $31 trillion over the next decade with over 10% in art and collectibles, is a key market driver.