Christie's and Sotheby's both reported increased total projected revenue for 2025, reversing two years of market decline. Sotheby's led with $7bn in global sales (up 17%), boosted by a record $236.3m sale of Klimt's *Portrait of Elisabeth Lederer* and strong luxury sales. Christie's posted $6.2bn overall (up 6%), with private sales accounting for 24% of revenue and Old Masters rising 24% year-on-year. Both houses saw significant growth in the second half of 2025 and continued expansion in luxury categories, though Asian art and Asia Pacific buyer spending declined at Christie's.
These results signal renewed confidence in the art market after a prolonged downturn, with private sales remaining a key revenue stream for risk-averse consignors. The strong performance of trophy lots and luxury goods underscores a shift toward high-value, discreet transactions and geographic diversification, as seen in Sotheby's first Abu Dhabi Collectors' Week. The data also highlights regional disparities, with Asia Pacific spending softening even as Western markets rebound.