In 2023, Christie’s navigated a complex landscape, experiencing a dichotomy in its performance. The challenges posed by a demanding macro-environment and a contraction in the art market resulted in lower auction totals compared to the record-breaking sales of the previous year. Despite this, the year brought about positive outcomes, marked by strategic business decisions.
Private sales witnessed a notable uptick, and there was a substantial influx of new and younger clients participating in auctions. Christie’s continued its strategic investments in innovation and expansion, setting a confident tone for the future. The outlook for 2024 is promising, with an already active pipeline of consignments.
Key Highlights from 2023:
- Christie’s projected global sales for art and luxury categories reached $6.2 billion, demonstrating a 7% increase above pre-COVID 2019 levels in USD. However, there was a 7% contraction from 2022 (excluding an exceptional Paul Allen sale) and a 25% contraction from 2022, considering the sale of the Paul Allen collection.
- Private sales achieved a projected total of $1.2 billion, reflecting a 5% increase from 2022. This category constituted 20% of total sales, up from 14% in 2022. Notably, the highest-value lot sold at Christie’s in 2023 was through a private sale.
- Auctions maintained a solid sell-through rate of 84% for all lots, with total hammer sales at 105% of low estimates, showcasing Christie’s consistent strong performance for consignors.
- Christie’s achieved its highest-ever total for luxury sales at auction, amounting to $1 billion. This was led by The Bleu Royal, the most expensive jewel sold at auction in 2023. Luxury items remained the top entry category for new buyers at Christie’s.
- The year saw a substantial influx of new buyers, constituting 35% of total clients. Millennials and Gen Z exhibited a growing presence among participants.
- Christie’s digital platform played a pivotal role in driving global growth. Online-only sales accounted for 66% of all new buyers Year-To-Date, with a 33% growth in new bidders and buyers from the Americas.
- Asian buying remained resilient, both regionally and globally. The number of new buyers in global sales from mainland China increased by 30%. This figure is expected to grow further with the anticipation of opening a new APAC headquarters in Hong Kong in 2024.
- Robust new business streams complemented auctions and private sales. The success of Christie’s Art Finance and Christie’s Ventures continued to provide innovative solutions for clients and strategic growth for the future.
Full results are attached for reference.
About Christie’s: Founded in 1766, Christie’s is a world-leading art and luxury business with a presence in 46 countries. With flagship international sales hubs in New York, London, Hong Kong, Paris, and Geneva, Christie’s offers a comprehensive portfolio of global services, including art appraisal, art financing, international real estate, and education. The organization is renowned for its expert live and online-only auctions, as well as bespoke Private Sales. Christie’s spans over 80 art and luxury categories, with sales ranging from $500 to over $100 million. The company has a history of selling major single-owner collections, achieving world record prices for artworks, and pioneering the first fully on-chain auction platform dedicated to exceptional NFT art. Christie’s is committed to promoting responsible culture globally. For more information, visit christies.com or download Christie’s apps.
- Please note that additional fees apply in addition to the hammer price, as outlined in Section D of the Conditions of Sale at the back of the sale catalogue. * Estimates do not include buyer’s premium. Sales totals comprise hammer price plus buyer’s premium.
