Auction results for first half of 2016 show decline

Christie's reported a 27.5% year-on-year decline in sales for the first half of 2016, driven by a drop in high-end lots over $5 million. Europe surpassed the US in both buyers and value, becoming the leading region for the auction house. Lots under $1 million were more profitable, and new buyers made up 25% of all buyers. E-commerce sales grew 96% to $28 million. Sotheby's, yet to release its official report, is estimated by Financial Times analyst Melanie Gerlis to have seen a 24% decline, with North American sales falling from $1.4 billion to $869 million. However, Sotheby's Asia grew 22%, with hammer prices averaging 145% above low estimates.