a tale of four cities

Artnet News and Morgan Stanley have released a report analyzing the global art auction market across four major cities—London, Paris, Hong Kong, and New York—over the period from 2013 to 2023. Total auction sales for the first half of 2024 fell to $5.05 billion, down from $7.17 billion in the same period of 2023. The report highlights a dramatic 49 percent decline in London's auction sales following the 2016 Brexit vote, while New York has maintained its dominant position, driven by blockbuster collections like those of Peggy and David Rockefeller and Paul G. Allen. Hong Kong saw growth until the Chinese property crisis in 2022, and Paris has gained ground post-Brexit, with sales up 30 percent over 2013.

Millon Takes Over Pierre Bergé & Associés

Millon reprend Pierre Bergé & Associés

The Millon Auction Group has acquired Pierre Bergé & Associés (PBA), becoming the sole shareholder of the historic house founded in 2002. This acquisition follows a turbulent period for PBA, which was placed in receivership in 2023 and briefly owned by Alexandre Landre after being embroiled in a high-profile antiquities trafficking scandal. Under the leadership of Alexandre Millon and newly appointed Managing Director Marc Chochon, the firm plans to return to Drouot and focus on prestigious collections and rare books.

With sanctions on Iranian art, buyers are turning to India

The article reports a significant shift in the Islamic art market, where traditional Persianate works from Iran are declining in sales and value, while art from India and historic Arab polities is rising. At Sotheby's April 2025 sale, 14 of 27 Persian works went unsold, continuing a long-term slump. Key factors include U.S. sanctions on Iran that restrict export of Iranian-origin works, aging collectors, maturing museums, and a generational shift away from classical art toward contemporary pieces. In contrast, Mughal art from India is experiencing a steady price increase, reflecting the repositioning of the market away from Persianate mainstays.

Millon relance Pierre Bergé & Associés

Millon has taken full control of Pierre Bergé & Associés, becoming its sole shareholder. The auction house, founded in 2002 and restructured two years ago by Alexandre Landre after judicial recovery, will now operate under Millon's financial, logistical, and commercial backing while retaining its Avenue Kléber address and operational team.