Contemporary art boosts Christie's auction house sales to reach new heights
In a positive turn of events for the art market, Christie's UK arm has announced a notable sales recovery in 2024, as revealed in new accounts filed with Companies House. The UK's Christie's arm posted sales of £919.4 million for 2024, representing an almost 12% rise from 2023 totals.
The recovery was driven primarily by a substantial increase in sales compared to the previous year. Key factors contributing to this rebound include strong auction results in various art categories, improved market conditions for classic and old master art, and broad auction activity and diversified categories.
Notably, high-profile sales such as rare Banksy works sustained strong market appeal in both lower and higher price ranges. For instance, a rare Banksy spray paint on canvas edition sold at Christie’s Hong Kong for £821,577 in 2024, reaffirming collector demand for significant pieces.
Recent London auctions of Old Master paintings showcased record-setting sales like the £27.5 million Canaletto painting, indicating renewed buyer confidence in core art segments emphasized by Christie's London salerooms.
Christie's operates in numerous categories (fine art, jewellery, photography, wine, etc.) and across 12 salerooms globally, including London. This diverse portfolio helps support steady overall sales performance and recovery after previous downturns.
In a statement at the end of last year, the wider Christie's group projected its global sales for 2024 to be $5.7bn, a fall of six per cent. However, the improved performance in the UK arm suggests a positive outlook for the future.
Despite operating in a challenging environment, Christie's CEO Guillaume Cerutti expressed confidence looking ahead to 2025 and beyond. He mentioned stronger momentum in the Fall season sales and the acquisition of Gooding & Co. as factors contributing to the positive close of 2024.
The increase in sales and profit also suggests a recovery for Christie's London showroom. Christie's UK arm saw its turnover increase from £127.2m to £132.5m in 2024. The auction sales for 2024 were projected to be $4.2bn, a decrease of 16 per cent.
Founded in King Street, London, in 1766, Christie's now has salesrooms in New York, Paris, Hong Kong, Milan, Geneva, Shanghai, and Dubai. Despite the decline in sales of Old Masters from £119.5m to £116.8m in 2024, the overall sales recovery is a promising sign for the art market.
- The successful sales recovery at Christie's UK arm in 2024, amidst a diverse portfolio of categories such as fine art and jewellery, indicates a positive trend in the financial performance of the business.
- The enhanced business conditions in 2024, demonstrated by Christie's sales growth, have been attributed to various factors including strong auction results, improved market conditions, and broad auction activity across multiple art categories.
