Cyberattacks, blockbuster lawsuits, bananas—there’s no question that 2024 has been an eventful year in the auction market.
At the top end, total prices for the 100 most expensive lots sold at auction in 2024 totaled just under $1.8 billion, compared to $2.4 billion in 2023 and $4.1 billion in 2022. Key sales seasons this year have also offered an uneven picture: Most recently, New York’s marquee sales week in November yielded a total of $1.3 billion at Christie’s, Sotheby’s, and Phillips—a 40% decrease from the year before.
But these top-line figures conceal a more nuanced picture of what’s selling at auction houses more broadly. According to Artprice, for instance, lots that sold for less than $10,000 were the fastest-growing segment of the auction market in the first half of the year, representing 91% of art offered at auction worldwide. This marks an increase from 89% two years ago or an additional 30,000 artworks.
Despite the doomsayers, 2024 was still a year of standout lots, strong artist records, and significant sales. As 2025 approaches, auction houses—like the art market more broadly—have reasons to feel optimistic, with a more hopeful economic environment chief among the reasons.
Here, senior figures from Sotheby’s, Heritage Auctions, and Bonhams share their reflections on 2024 and look to the market in 2025.
Helena Newman
Executive vice president and worldwide head of Impressionist and modern art, Sotheby’s
What are your general views on the auction market in 2024?
What we saw in 2024 reflected the continuing demand for quality, fresh-to-the-market artworks that are well-priced, with blue-chip artists regaining their foothold.
There were some fantastic collections offered, from that of Sydell Miller in New York to Ralph I. Goldenberg in London. There were also some unexpected moments that brought real excitement to the general public of art lovers, from the record-breaking dinosaur selling for $44.6 million to Maurizio Cattelan’s unmissable Comedian (2019).
It was a year of two significant anniversaries in my field in particular: the 100th anniversary of the Surrealist manifesto and the 150th anniversary of Impressionism, with exhibitions [about both movements] all over the world.
In this context, it was fitting for us to be able to celebrate that with the top lot of the year at Sotheby’s: a beautiful Claude Monet water lilies [painting]. It saw demand from four different bidders, selling to an Asian collector for $65.5 million—a perfect reflection of the demand from that region for iconic works of Impressionist art. It was also particularly fitting that the artwork that achieved this price was a later, large-format work that was created towards the end of his life, showcasing the growing appetite for the more abstract works in his oeuvre. With Surrealism, there was no better way to celebrate the opening of our landmark new premises in Paris, than with a white glove 100% sold sale of Surrealist art, led by gorgeous pieces by Salvador Dalí, René Magritte, Kay Sage, Joan Mir, and Man Ray.
Complementing our auction business, we have once again seen strength in private sales, where we are on track for one of our best years. There has been a steady flow of private sale transactions throughout the year and through all our locations, not just with traditional brokered deals, but also the extensive selling exhibitions that we have mounted. There is a great synergy between private sales and auctions, more so than ever.
Our last evening auction of the year, earlier this month in London, saw a rediscovered early Sandro Botticelli chased by nine bidders—with my colleagues from across the company racing to put in bids for their clients.
From the Monet taking the crown for the year, to the Botticelli showcasing the depth of cross-category bidding, it was the year for masterworks.
What are your expectations for the auction market in 2025?
With the recent results confirming continued momentum in the art market, and the growing appetite for blue-chip works, my outlook going into the new year is a positive one.
In the marquee sales in New York in November, we saw increased competitive bidding on a lot-by-lot basis, and that is something that will no doubt encourage auction consignments and should in turn lead to even more quality material coming to the fore.
It is all about the supply, and the conversations are already starting now for next year’s pipeline, which leads me to feel optimistic—and excited—about the offerings we might be bringing to the market.
India Phillips
Managing director, Bonhams
What are your general views on the auction market in 2024?
This year it’s been a selective market. There have been geopolitical factors at play: We have had elections this year, including in the U.S. and U.K. Now that that is done and dusted, it seems as if stability will breed more confidence from both buyers and sellers.
As always, provenance and quality remain key factors. Best-in-class objects have sold and sold well above estimate. A recent example is a sensational pair of paintings by Johann Joseph Zoffany that we offered in our Old Master paintings sale in December that sold for £991,000 ($1.26 million) against an estimate of £300,000–£500,000 ($380,957–$634,929).
The other successful trend this year is items belonging to celebrities and film memorabilia. This year, Bonhams had a number of white glove sales in this category including props from The Crown, the Rory Gallagher collection of guitars, as well as the estates of Senator Dianne Feinstein, and rock star Tom Petty.
What are your expectations for the auction market in 2025?
Spring season will be stronger. We have already seen an uptick in inquiries about consignment.
What themes in the market in 2025 will you be keeping an eye on?
We’re going to see a continued interest in provenance and celebrity sales. Clients from the Middle East will continue to become more prominent in the top end of the market, and areas such as South Asian art, Surrealist, and modern British art will continue to grow.
Steve Ivy and Jim Halperin
Co-chairmen, Heritage Auctions
What are your general views on the auction market in 2024?
There was a pullback at the highest end of the fine art market, as seen elsewhere. But in our experience and estimation, the auction market—particularly the collectibles market—continues to thrive.
At Heritage, 2024 was our best year ever—the fourth in a row—with sales approaching $2 billion and nearly every one of our 50 categories experiencing increases. This year alone, Heritage set numerous significant auction records. These included but were not limited to the $32.5 million [Wizard of Oz] ruby slippers; the $24.12 million Babe Ruth “Called Shot” jersey; and the $6 million Action Comics No. 1, which was responsible for the most successful Hollywood, entertainment, and sports auctions ever held.
What are your expectations for the auction market in 2025?
If the economy continues to improve, we expect the auction market to continue the growth that Heritage, at least, has experienced in recent years.
We are very bullish: In 2024, we opened offices in Munich and Tokyo while significantly expanding our presence in West Palm Beach. Next year, we expect to open offices in Montreal and possibly several other cities. We also expect to expand our workforce by 10–12% with the anticipated increase in business, particularly top experts in all collectibles and fine art categories with significant successful experience in the auction world.
What themes in the market in 2025 will you be keeping an eye on?
The continuing trend of internet bidding, especially on mobile, and clients’ confidence in conducting auction business online. Otherwise, we anticipate a steady increase in some categories and substantial growth in others.
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