Christie’s first-half figures for 2025 reveal a market holding steady—$2.1 billion in sales, mirroring 2024’s tally. Yet, stability comes with caveats. The figure marks a clear 22% decline from the 2023 highs, suggesting a new, quieter normal for the auction giant.
Behind the flatlining headline numbers, subtle shifts emerge. Sell-through rates nudged up to 88%, while hammer prices edged past low estimates by 115%, signalling cautious but consistent demand. The house dominated the top tier of the market, securing seven of the season’s ten highest-selling works. Among them, Piet Mondrian’s Composition with Large Red Plane… (1921) led the pack at $47.6 million, part of Leonard Riggio’s $272 million consignment—a rare bright spot in a season devoid of seismic single-owner sales.
The absence of legacy collections—of the calibre of Allen or Rockefeller—left a void. Collectors, wary of softer demand, held back trophy pieces, leaving the market reliant on scattered highlights rather than sustained momentum.
Luxury defied the trend, climbing 29%, though much of that surge came from Christie’s recent acquisition, Gooding’s car auctions. Strip out the automobilia, and the sector still grew 12%. Old Masters, too, found firmer footing (+15%), while Asian art (-28%) and Classics (-32%) faltered. Geographically, the Americas retained dominance (45% of buyers), with EMEA at 34% and APAC slipping to 21%.
Bonnie Brennan, six months into her tenure as CEO, struck a measured tone: “Continuity and global strategy remain the priority.” Her predecessor, Guillame Cerutti, now steers Artémis, the Pinault family’s holding empire—a reminder that even in a cooling market, the machinery of art and capital never rests.
While no single blockbuster sale matched the scale of past years (like the Paul Allen or Rockefeller auctions), Christie’s secured seven of the top 10 highest-priced works at auction during this period. Beyond the Mondrian, other major transactions likely included:
High-value Old Masters (a category up 15%), suggesting strong demand for blue-chip European paintings.
Luxury collectables, particularly high-end watches, jewellery, and automobiles (boosted by Christie’s acquisition of Gooding & Company, driving a 29% surge in luxury sales).
However, the absence of a landmark single-owner collection meant no individual lots crossed the $100 million+ threshold seen in previous years. The market’s reliance on selective, high-performing works—rather than full-spectrum demand—hinted at a cautious, top-tier-driven climate.
Christie’s contemporary art sales in the first half of 2025 reflected the broader market’s cautious tone—no fireworks, but steady bidding for proven names. While the house hasn’t disclosed specific contemporary lots beyond the Mondrian headline, the $2.1 billion total (flat YoY) suggests selective strength in postwar and contemporary blue chips, offset by softer demand for emerging artists.
Trophy Works: The Mondrian sale ($47.6M) underscored the appetite for historically significant modernism, which often anchors contemporary evening sales. Postwar giants like Rothko, Warhol, and Bacon likely drew competitive bidding, though no individual prices were announced.
Younger Artists: The absence of breakout auction records hints at cooling speculative fervour—a contrast to 2021–22’s frenzy for Gen Z darlings.
Regional Shifts: With APAC buyers accounting for 21% (down from 24–26% in prior years), Chinese collectors may be pulling back, potentially pressuring contemporary categories that rely on their participation.
Unlike Sotheby’s (which leaned into guaranteed lots this season), Christie’s emphasised sell-through rates (88%) and hammer prices beating estimates (115%), signalling disciplined buying for “safe” works. The real test comes this fall—will fresh consignments emerge, or will the market keep coasting on Riggio-calibre estates?
Top Photo © Artlyst 2025