Sotheby's and Christie's are increasingly turning to private, invitation-only sales to move high-value artworks, bypassing the traditional auction model. Sotheby's recent "The Apartment" exhibition in London, featuring works by David Hockney, George Condo, and Jean-Michel Basquiat, sold half its $40 million inventory before the public even saw it. Christie's reported that its three most expensive paintings sold in 2025 were all private transactions, with the house trading $1.5 billion privately last year—nearly a quarter of its global sales.
This shift matters because it reflects a fundamental change in how the art market operates amid global uncertainty. Private sales offer sellers price certainty and discretion, avoiding the risk of public auction estimates or failed sales. For auction houses, these exclusive, experience-led events—complete with designer furniture and key-in-a-box invitations—are becoming a major revenue stream, accounting for roughly a quarter of annual sales at both Sotheby's and Christie's. The trend signals that high-net-worth collectors increasingly value security and confidentiality over the spectacle of the auction room.