Christie’s generated $5.7 billion in 2024 from live and online auctions, as well as private sales of art and luxury goods, a 6% drop from $6.1 billion in 2023. The results, shared in the company’s earnings call, reflect changing buyer behavior and a more cautious approach amid global economic uncertainties.
Guillaume Cerutti, CEO of Christie’s, described the year’s market trends as highly polarized. While geopolitical instability created challenges for the market, a strong autumn sales season significantly improved the situation.
A significant highlight for the year was Christie’s private sales, rising 41% in 2024, reaching $1.5 billion, the highest since 2020. Adrien Meyer, global head of private sales, attributed this growth to the current economic uncertainty, which drives buyers toward the reassurance of private transactions. The appeal also lies in acquiring works not yet known to the public, especially at the masterpiece level.
One of the year’s most successful events was the auction of the late André Meyer’s art collection, which fetched $486 million. The sale attracted significant attention, signaling that blue-chip works still command high prices. However, sales in other segments, particularly contemporary art, experienced softer results compared to previous years, partly due to over-saturation in the market.
The company also expanded its digital presence, leveraging online sales and virtual experiences to engage new audiences. Online sales accounted for $336 million, reflecting Christie’s ongoing investment in technology to diversify its buyer base.
Christie’s auction sales in the Americas represented 42% of the global total, with new buyers of 20th/21st-century art rising by 18%. Despite an 8% decline in sales in the Asia Pacific region, the auction house increased its presence by opening new headquarters in Hong Kong.
Despite canceling its June evening sale in London, bidders and buyers from the city grew by 15%. Paris saw a 24% increase in sales, led by the record-breaking €73m Barbier Mueller collection of African and Oceanic art.
The leadership also addressed one of its major 2024 events: a May cyberattack that temporarily disabled its website and compiled data from over 500,000 bidders. It confirmed a settlement for a class action lawsuit from June but did not disclose details about any ongoing litigation related to the incident.
Looking ahead, Christie’s leadership expressed optimism for 2025, highlighting initiatives to attract younger collectors and a renewed focus on private sales. Cerutti noted that the company is prepared to navigate economic uncertainties and remain a global leader in the art market.
