Read, Watch or Listen

New York, United States – Major global auction houses are reporting one of their strongest starts to a year, as surging wealth tied to technology, artificial intelligence and buoyant stock markets drives record prices for art, watches and even dinosaur fossils. In the first half, Sotheby’s posted its best performance in the 282-year-old company’s history with $4.4 billion in sales, up 58% from a year earlier, while Christie’s reported $4.5 billion in sales, up 71% and its strongest first half since 2021. Phillips, Heritage and other auctioneers also logged sharp gains, contributing to nearly $10 billion in combined first-half sales. Artnet data show eight lots sold for more than $50 million during the period, compared with none in each of the previous two years, as a broad rebound took hold after almost three years of declines in the art market. Executives at the major houses attribute the surge to massive wealth creation from AI-related fortunes, high-profile tech IPOs, rising equities and growing confidence among wealthy collectors, especially younger buyers from the tech sector. High-end works and objects led the way: a Jackson Pollock drip painting, “Number 7A, 1948,” fetched $181 million at Christie’s, and a Brancusi sculpture sold for $107.6 million, while a fossilized Tyrannosaurus rex nicknamed “Gus” brought in $50.1 million at Sotheby’s, setting a record for a fossil at auction. Demand extended across categories, from classic and modern supercars to luxury handbags, whiskey and rare watches, including an F.P. Journe Souscription Résonance that sold for $13.9 million, as new tech wealth and institutions competed for what they see as long-term stores of value.

By James Porter | JQJO News