Global auction sales at Christie’s, Sotheby’s, and Phillips fell 6.2% in the first half of 2025 compared to the same period last year, while the number of lots sold rose 1.3%. ArtTactic’s analysis reveals significant category shifts: post-war and contemporary art dropped 19.3% to $1.22 billion, impressionist and modern art fell 7.7% to $989.5 million, and luxury sales were nearly flat. In contrast, Old Masters surged 35.6% to $171.2 million, and design, decorative arts, and furniture rose 20.4% to $172 million. The decline in high-value trophy lots, including the withdrawal of Andy Warhol’s *Big Electric Chair* and Alberto Giacometti’s *Grande tête mince*, contributed to the slump in contemporary sales.
The data matters because it reveals a market in correction marked by risk aversion and strategic conservatism. Buyers are favoring established, blue-chip artists over emerging names, while auction houses are increasingly relying on third-party guarantees—72.9% of post-war and contemporary evening sale lots were guaranteed, the highest share since 2016. Lindsay Dewar of ArtTactic interprets this not as confidence but as a sign of anxiety, with sellers holding back trophy works and buyers opting for stable, long-term value. These trends signal a cautious, defensive posture across the global art market amid economic uncertainty and tariff concerns.