A version of this article first appeared in CNBC’s Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox.
Auction sales have been declining for the third year in a row, as dealers, auctioneers and collectors ponder a deeper crisis in the art market.
Auction sales for the first half of the year at Sotheby’s, Christie’s and Phillips fell to $3.98 billion, a drop of 6% compared with the same period in 2024, according to ArtTactic. The auction total is the lowest in at least a decade (setting aside the 2020 pandemic) and is now down 44% — or more than $3 billion — from 2022. The declines follow a 19% drop in 2023 and 26% decline in 2024.
Postwar and contemporary art, which has been the main engine of growth for art auctions in recent decades, fell by an even greater 19% in the first half, according to ArtTactic.
“Lingering concerns over global economic growth, ongoing inflation, and rising geopolitical tensions are weighing on confidence and creating a more cautious investment climate,” ArtTactic said. “These factors are likely to challenge the market’s momentum in the second half of the year, as the industry adapts to a still-uncertain global landscape.”
