Christie’s and Sotheby’s Close 2025 With a Market Rebound Fueled by Luxury and New Buyers

Dynamo Phyllis Kao led Sotheby’s The Now and Contemporary Evening Auction, which scored a $178.5 million result with strong participation from Asia. Julian Cassady Photography / Ali

After a challenging 2024—marked by a 25 percent contraction in the auction market—both Christie’s and Sotheby’s are closing 2025 with a clear rebound, according to newly released year-end results. Sotheby’s reported projected consolidated sales of $7 billion for 2025, a 17 percent increase over 2024. Christie’s, on a similar upward trajectory, expects to finish the year with $6.2 billion in global sales, up nearly 7 percent from last year’s $5.8 billion and broadly in line with its 2023 total. Following a slow start dampened by subdued May auctions, both houses regained momentum after the summer as the market strengthened, culminating in a multibillion-dollar fall season across London and New York.

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While the blockbuster results of November’s marquee sales may not be sufficient on their own to signal a full recovery—concentrated as they are at the very top of the market—the broader picture reflected in these year-end numbers offers more substantial grounds for optimism. This year’s gains were driven not only by fine-art trophies but also by the continued rise of luxury collectibles and design—categories that are proving especially effective at attracting new buyers, often younger and from emerging markets, and ultimately broadening the base of the market overall.

Sotheby’s record year, led by trophies and luxury

Sotheby’s recorded a 26 percent year-over-year increase in auction sales to $5.7 billion, with a sharp acceleration in the second half of the year, which brought in 59 percent more than the same period in 2024. Private sales contributed an additional $1.2 billion, slightly below the prior year but still substantial.

Fine art sales generated $4.3 billion in revenue for the auction house in 2025, marking a 15 percent increase from the previous year’s downturn. The rebound was fueled by the exceptional quality of consignments secured for the fall season, including record-breaking masterpieces such as the $236.4 million Gustav Klimt—the most expensive work ever sold by Sotheby’s—and the $54.7 million Frida Kahlo, which set a new record for a work by a female artist.

November’s inaugural sales at the Breuer delivered the year’s biggest revenue surge, with six white-glove auctions totaling $1.173 billion in just a few days. Single-owner collections played a decisive role, including the $527.5 million Lauder collection in New York and the

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