Sotheby's tops auction house rankings in 2024 with $6 billion sales
In 2024, Sotheby's led the global auction house rankings with $6 billion in sales, outpacing Christie's, which recorded $5.7 billion, and Phillips at $843 million. On January 23, 2025, results revealed a 23% decrease from the previous year's $7.8 billion, yet Sotheby's achieved an impressive 85% sell-through rate, the highest in ten years. The overall art market experienced a 14% reduction in volume. On December 19, 2024, Sotheby's laid off approximately 100 employees and rolled back changes to the buyer's premium. Private sales increased by 17% to $1.4 billion, while auction sales dropped 28% to $4.6 billion. Sotheby's is set to conduct its inaugural auction in Saudi Arabia on February 8, 2025, showcasing luxury art and collectibles, including pieces by René Magritte and Fernando Botero.
Key facts
- Sotheby's total sales in 2024: $6 billion
- Sotheby's sell-through rate: 85%, highest in 10 years
- Christie's 2024 sales: $5.7 billion
- Phillips 2024 sales: $843 million
- Sotheby's auction sales: $4.6 billion (down 28% from 2023)
- Sotheby's private sales: $1.4 billion (up 17% from 2023)
- Luxury sales at Sotheby's: over $2 billion
- Sotheby's buyer's premium reversed on December 19, 2024, effective February 17, 2025
- Abu Dhabi sovereign fund ADQ invested $1 billion in Sotheby's
- Sotheby's first Saudi auction: February 8, 2025, in Diriyah
- Top lot: Magritte's L'État de veille (est. $1–1.5 million)
- Refik Anadol's AI artwork estimated at $800,000–1.2 million
- Louay Kayyali's Then What? estimated at $500,000–700,000
- Cryptocurrency accepted at Saudi auction
Entities
Artists
- René Magritte
- Fernando Botero
- Giorgio de Chirico
- Wassily Kandinsky
- Nicolas Party
- Toyin Ojih Odutola
- Refik Anadol
- Louay Kayyali
- Norman Foster
- Gustav Klimt
- François-Xavier Lalanne
Institutions
- Sotheby's
- Christie's
- Phillips
- ADQ
- Guggenheim Museum New York
- Artribune
- NABA
- Breuer Building
- Leonard A. Lauder Collection
- Pauline Karpidas collection
Locations
- Paris
- Hong Kong
- New York
- Abu Dhabi
- Saudi Arabia
- Diriyah
- Riyadh
- Al Faisaliah Tower
- United States
- London
- United Kingdom
- United Arab Emirates
- Middle East