In 2023, the combined auction and private sales reported by the top two global auction houses, Christie’s and Sotheby’s, amounted to $14.2 billion, marking a decrease of over 13 percent from the $16.4 billion they reported in 2022, according to artnews.com.
Christie’s reported a 20 percent decline in its total sales, plummeting from $8.4 billion in 2022 to $6.2 billion in 2023. Meanwhile, Sotheby’s projected in December that its 2023 sales would total $8 billion, less than the equivalent figure from the previous year.
The downturn follows a financial peak in 2022, precipitated by a surge in collecting during the pandemic. Advisors, gallerists, and auction house specialists have told ARTnews recently that, over the last six months, they’ve seen first-hand the significant slowdown in art sales.
Other analyses of the art market show an even starker drop-off. In a recent report by industry analyst Art Tactic, which tracks art sales data globally, the combined auction sales across Phillips, Sotheby’s, and Christie’s amounted to $11.2 billion in 2023, a 19 percent decrease from 2022. (This figure excludes sums generated through private sales.)
Meanwhile, the cumulative sales for the top ten artworks at the three auction houses exhibited a significant drop, totaling $660 million in 2023 compared to $1.1 billion in 2022—a nearly 50 percent decrease. In 2021 and 2022, the prices for top artworks consistently increased, with few works in the top ten selling for less than $50 million. Last year, however, four of the top ten artworks sold for under $50 million—far more than in previous years.
A full view of the economic situation is not yet available, as Phillips has yet to disclose its 2023 results. In 2022, the three auction houses collectively generated $17.7 million in sales and Phillips saw a 10 percent increase from 2021, reaching $1.3 billion in 2022. (Phillips declined to respond to inquiries about its 2023 figures.)
