Auction houses report mixed results for first half of 2023

Christie's sales fell 23% to $3.2 billion in H1 2023, with private sales down 19% to $484 million. The top lot was Jean-Michel Basquiat's 'El Gran Espectaculo (The Nile)' at $67.1 million. CEO Guillaume Cerutti cited a challenging macro context after two exceptional years. Millennial buyers grew 38% and Asian buyers returned (+4% vs 2022). Collectible luxury goods hit a record $590 million, up 43%. Bonhams achieved its best-ever first half with $552 million, up 32%, driven by digital growth (+132% online sales) and new clients (+45%). Phillips saw a 39% decline to $453 million, with public sales at $409 million and private sales down 72% to $44 million. Its top lot was Yoshitomo Nara's 'Lookin’ for a Treasure' at $10.6 million. Phillips will launch Dropshop on August 20, a digital platform for primary market limited editions, led by Christine Miele. The inaugural release is Cj Hendry's 'Crown' series of 100 red bronze crowns.