Major auction houses are seeing signs of a market rebound. Sotheby's predicts a seventeen percent sales jump this year, reaching around seven billion dollars. Rival Christie's forecasts a more modest six percent rise.
This follows a rough period for high-end art, with shifting collector habits and significant losses reported last year. Sotheby's, owned by Patrick Drahi, cited strong demand across hundreds of global auctions as a key driver. Notable recent sales included a record-breaking Hermes bag and an eleven-million-dollar watch collection.
Both firms noted increased activity from younger and first-time buyers, who now make up a substantial portion of bidders. Luxury goods, seen as a gateway for new collectors, saw sales growth of over twenty percent at Sotheby's. While the sector isn't completely out of the woods, these improved projections from the two biggest players suggest the prolonged downturn might be easing.
This follows a rough period for high-end art, with shifting collector habits and significant losses reported last year. Sotheby's, owned by Patrick Drahi, cited strong demand across hundreds of global auctions as a key driver. Notable recent sales included a record-breaking Hermes bag and an eleven-million-dollar watch collection.
Both firms noted increased activity from younger and first-time buyers, who now make up a substantial portion of bidders. Luxury goods, seen as a gateway for new collectors, saw sales growth of over twenty percent at Sotheby's. While the sector isn't completely out of the woods, these improved projections from the two biggest players suggest the prolonged downturn might be easing.
