Projected sales for Christie in 2023 are $6.2, £5, €5.8, and HK$48.7 billion

Wednesday, December 20, 2023

Christie, the preeminent global art and luxury business, was established in 1766 and publishes a list of its sales.

The estimated global sales for Christie have totalled for the art and luxury categories are $6.2 billion, £5 billion, €5.8 billion, or HK$48.7 billion. This shows a rise of over 7% in pre-COVID levels back in 2019. There was a fall of 7% from the year 2022. This did not involve the exceptional Paul Allen sale. A reduction of 25% from 2022 that is inclusive of the Paul Allen collection sale.

The approximate sum associated with private sales is $1 billion or $1.2 billion. Furthermore, there was an increase in overall sales of 20% (up from 14% in 2022) or +5% from 2022. Christie’s conducted a private sale in 2023 to sell the piece with the highest value.

Guillaume Cerutti, who is the Chief Executive Officer of Christie, told the media that the lower auction was due to the record sales from the previous year. Further added is that it is solely the resultant condition of the art market contraction and the macro-environment.

There had been a rise in private sales as well as a strong influx of younger and newer clients at the auction.

With a strong sell-through rate of 84% for all lots at auction and total sales at 105% of low estimates, Christie’s continues to deliver strong results for consignors.

Other than that, in terms of luxury auction sales, Christie has a record for the same. It raised $1 billion and £790 million, along with The Bleu Royal, which happens to be the most costly jewel ever sold at auction, leading the way.

The results have shown that there has been a rise in the percentage of new customers, and a major section is comprised of millenials and Gen Z.

There has been an exponential expansion of Christie’s digital platform. Sales from online make up 66%. This has increased the number of bidders and buyers from the USA by 33%.

Coming to the worldwide sales rendered by Asian consumers. The ratio of new customers from China increased by 30%.

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