Christie's: Market stabilizing. Luxury and rarities save the first half of the year.

In a press conference, Christie's announced that auction sales in the first half of 2025 remained stable at $2.1 billion, but were down 22% compared to the same period in 2023. The results for the first half of 2025 indicate a certain stabilization in the market, albeit in a climate that calls for caution and a healthy dose of optimism to avoid further declines. In this uncertain environment, collectors have shown reluctance to put extremely high-value works on the market. A key aspect of the half-year was the very positive performance of the luxury segment, a result repeatedly emphasized during the conference call by CEO Bonnie Brennan , who replaced Guillaume Cerutti in February, now at the helm of Artémis, the holding company owned by Christie's founder François Pinault .

The key performance indicators for the first half of the year are encouraging: the sales rate reached 88%, slightly up from 87% in 2024, while the average hammer price reached 115% of the low estimate, compared to 111% last year. Another key finding is that 31% of clients are Millennials and Gen Z, up from 29% in the first half of 2024. The undisputed star of the half-year was Piet Mondrian 's "Composition with Large Red Plane, Bluish Gray, Yellow, Black and Blue," which sold for $47.6 million in New York. The work came from the sale of the Leonard & Louise Riggio Collection, which totaled $272 million, becoming the most important private collection sold in the first six months of the year. Christie's also achieved a significant result, selling seven of the year's ten most important works, including the top four in terms of value. Sales in the "20/21" category (20th and 21st-century art) remained stable, totaling $1.3 billion. Positive signs also came from the Old Masters segment, which saw a 15% increase in sales compared to the previous year. This trend was further cemented by the spectacular sale of Canaletto 's "Return of the Bucintoro on Ascension Day," sold in London for $43.9 million—an all-time record for the artist and an encouraging sign for the second half of the year.

In the first half of the year, luxury sales increased 29%, including car sales at Gooding Christie's (up 12% excluding Gooding Christie's). The first sale under the new Gooding Christie's brand will be held at Pebble Beach in August. In the jewelry segment, Christie's sold nine of the 10 most important jewels, recording a 25% increase. Among the most significant sales was the Magnificent Jewels auction, held in New York on June 17, which sold out and grossed $87.7 million. Two gems in particular captured everyone's attention: the Marie-Thérèse Pink, a rare 10.38-carat pink-purple diamond mounted by JAR, fetched $14 million, setting a new auction record for a JAR-branded jewel. Its connection to the history of the French monarchy and its mysterious allure contributed to its success. Next up was the majestic Blue Belle, a 392.52-carat Ceylon sapphire with a deep, luminous blue, sold for $11.3 million. Colored gems have attracted strong collector interest, and according to Rahul Kadakia , International Head of Jewelry at Christie's, "collectors continue to demonstrate extraordinary attention to pieces of exceptional rarity, provenance, and craftsmanship."

Among the watch sales, the "Important Watches Featuring Stories in Time: A Collection of Exceptional Watches" auction realized $11 million, with a 97% sell-through rate per lot. The top lot, a signed Patek Philippe Perpetual Calendar Minute Repeater Ref. 3974R, sold to an online buyer and fetched $1.2 million. Strong demand was seen for high-quality vintage timepieces with exceptional provenance and creations by independent watchmakers, including F.P. Journe and Greubel Forsey. Bidders came from around the world, with 46% of bidders from the Americas, 26% from Asia Pacific, and 28% from EMEA. Highlights included an FP Journe Octa Calendrier “Black Label,” which achieved three times its low estimate, totaling $453,600; a Richard Mille Tourbillon RM74-02, which realized $378,000; and a Greubel Forsey Double Tourbillon 30° Edition Historique from Stories in Time: A Collection of Exceptional Watches, which realized $390,600.

Finally, investment wine, which during the semester saw the sale of the William I. “Bill” Koch collection, a one-of-a-generation piece, which fetched $28.8 million, setting a record as the largest single-owner wine collection ever sold in North America. The three-day celebratory auction was held at Christie's Rockefeller Center and achieved 154% of its low estimate. The sale attracted global and generational participation, with 42% of participants new to Christie's wine auctions. The highest price achieved was the Domaine de la Romanée-Conti 1999 Romanée-Conti, a Methuselah, which sold for $275,000, closely followed by a lot of three magnums of the same wine, which achieved $237,500, more than double its estimate.