Christie's 2024 Sales Hit $5.7 Billion, Down 6% Year-on-Year

Christie's reported global sales of $5.7 billion in 2024, a 6% decline from $6.1 billion in 2023. The most expensive lot of the year was René Magritte's "L'empire des lumières" (1954), sold for $121.2 million in New York from the collection of Mica Ertegun, setting a new auction record for the artist. Auction revenues fell 16% year-on-year to $4.2 billion, while private sales surged 41% to over $1.5 billion, now accounting for 27% of total sales. The sell-through rate remained solid at 84%, and online sales increased to 82% from 78% in 2023. Millennials and Gen Z buyers represented 30% of clients, up 2%, with significant growth from Asia and the Americas. The United States generated over $2 billion, 42% of total revenue. Christie's expanded its business through Christie's Art Finance, the opening of its Hong Kong headquarters at The Henderson, a license to operate in Saudi Arabia, and the acquisition of Gooding & Company, a leading collector car auction house. The luxury segment, particularly from Geneva, is expected to be a key investment area in 2025.