The global auction market continues to soften on the back of sluggish economic growth and geopolitical uncertainty. Auction sales by Christie’s, Sotheby’s and Phillips were down in the first half of the year compared to the previous year. This decline was most notable in the Post-War and Contemporary art market, where the top-end of the market has weakened in major hubs like New York, London, and Hong Kong.
Despite the drop in high-value sales, overall auction volumes remain stable, with only a small decrease in the number of lots sold. A significant factor is the rise in Online-Only auction sales in the first six months of the year, which now represent nearly half of the total lots sold and 10% of total value. The resilience in the online art market signals continued confidence at the lower end of the market, and continues to act as a gateway for new buyers.
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