Auction sales drop 6-10% as art market correction deepens

Global auction sales slid again in the first six months of 2025, as the three dominant houses—Christie’s, Sotheby’s and Phillips—rang up between $3.98 billion and $2.9 billion, a year-on-year decline of 6-10 percent, according to fresh tallies from market tracker ArtTactic and Apollo magazine. It is the third consecutive first-half drop and leaves turnover 44 percent below the 2022 peak, underscoring a protracted correction in the high-end art trade.artlyst+1

Post-war and contemporary works, normally the engine of auction growth, recorded the steepest pull-back, falling 19 percent, CNBC reported via the same ArtTactic data set. Several eight-figure trophies simply failed to ignite: a $70 million Giacometti bronze went unsold at Sotheby’s New York in May, while Andy Warhol’s Big Electric Chair was withdrawn at Christie’s spring sale.qz+2

Old Masters Buck the Trend

One unmistakable bright spot was the Old Masters category, which jumped 36 percent year-on-year on the back of buoyant July auctions in London. Christie’s Classic Week was led by a Canaletto that set a £31.9 million record and helped push the house to a 99 percent sell-through by value—its strongest in 13 years. Sotheby’s parallel evening sale logged an 81 percent sell-through, powered by newly rediscovered works by Turner and Artemisia Gentileschi.artlyst+2

ArtTactic’s mid-year report puts combined Old Master sales at $171.2 million, up 35.6 percent and eclipsing every other segment in growth. Megan Corcoran Locke, senior analyst at the firm, told Observer that “while other sectors have surged and slumped, Old Masters have quietly held their ground,” buoyed by fresh scholarship and cross-category buying from collectors accustomed to contemporary art.observer

Cautious Sellers, Choosier Buyers

Executives blame the broader downturn on a shortage of trophy consignments and skittish bidders at the top end. Christie’s first-half total of $2.1 billion was flat year-on-year—after a 22 percent drop in 2024—and came with a higher 88 percent sell-through rate, suggesting estimates were trimmed to meet the market. Millennials and Gen Z now account for nearly one-third of Christie’s clients, and 80 percent of bids arrive online, the house said in its July results briefing.theartnewspaper+2

Luxury goods and collectibles are cushioning the slide. Christie’s luxury division, which now includes auto auctions, grew 29 percent, while jewelry sales at both major houses continued to set records.press.christies+1

Outlook: Leaner, More Selective Market

Despite persistent headwinds, market analysts detect signs of stabilization as the correction enters its third year. The shift toward a "leaner, more selective market" reflects fundamental changes in collector behavior, with impulse buying dropping from 10 percent in 2023 to just 1 percent as buyers favor thorough research over spontaneous purchases. This methodical approach has strengthened the mid-tier segment ($100,000-$1 million), which showed remarkable resilience in 2024 and suggests that passionate collectors—rather than financial speculators—are driving sustained demand.madeinbed+2

Female artists represent a particularly promising growth area, with major museum exhibitions including MoMA's Ruth Asawa retrospective and Tate Modern's Emily Kame Kngwarreye show potentially boosting market confidence. Meanwhile, the lower end of the market is thriving, with works under $50,000 gaining momentum and print sales under $5,000 surging 79 percent since 2020. Online platforms continue expanding their reach, with 43 percent of galleries planning to focus more on digital sales and first-time collectors accounting for 46 percent of online purchases.artsy+3