Major auction houses Sotheby's and Christie's reported nearly $10 billion in combined sales in the first half, marking one of the strongest starts as wealthy buyers gained confidence from soaring stock markets. Sotheby's achieved its best first half ever with $4.4 billion in sales, up 58% from last year, while Christie's reported $4.5 billion, up 71%. Auction executives attributed the rebound, following nearly three years of declines, to wealth creation from the artificial intelligence boom, IPOs and rising stocks.
Auction Houses Report Record First-Half Sales Performance
Sotheby's $4.4 billion in sales marked a record for the 282-year-old auction house, while Christie's performance represented its best first half since 2021. Phillips, Heritage and other auctioneers also reported strong starts to the year. Eight lots sold for more than $50 million in the first half, compared with none in 2024 and 2025, according to Artnet.
Tech Wealth and AI Boom Drive Market Rebound
Christie's CEO Bonnie Brennan stated at the Christie's Art + Tech Summit last week: "The numbers mean there is confidence in the market. There are people willing to sell great objects and there are people spending great amounts of money to acquire those special one-of-one works." Sotheby's CEO Charles Stewart identified wealth creation as the primary business driver: "The wealth being created now is the number one factor in our business right now. It's obviously very visible when you sit here in New York and talk about the SpaceX IPO and these different tech IPOs coming and the AI fever."
The strength extended across almost all price points and categories, including fine art, classic cars, watches, handbags, diamonds, whiskey and dinosaur bones.
Jackson Pollock Painting Sells for $181 Million at Christie's
A Jackson Pollock drip painting titled "Number 7A, 1948" sold for $181 million at Christie's, leading first-half sales. The work, considered one of Pollock's most epic and defining works, had previously been owned by media magnate and collector S.I. Newhouse. A Brancusi sculpture also previously owned by Newhouse sold for $107.6 million.
Younger Collectors Redefine Watch and Collectibles Markets
Phillips in Association with Bacs & Russo reported $235 million in watch auctions in the first half, marking its largest ever. The strong bidding stretched across auctions in New York, Geneva and Hong Kong. An F.P. Journe Souscription Résonance sold for $13.9 million, becoming the priciest watch sold in the first half. Mark Zuckerberg has become a high-profile devotee of F.P. Journe in recent years.
In classic cars, supercars from the 1990s and 2000s replaced 1950s and 1960s sports cars as the hottest sellers. Brennan reported that 30% of buyers in the first half were new to Christie's, with 47% of them millennials or younger, and 85% of bids placed online.
Tyrannosaurus Rex Fossil Achieves $50.1 Million Record
Sotheby's sold a fossil specimen of a Tyrannosaurus rex this month for $50.1 million, making it the most expensive fossil ever auctioned. The T. rex, named "Gus," was excavated from the South Dakota badlands and is estimated to be 67 million years old. At 38 feet long, Gus' new owner has not been identified. Seven bidders battled for Gus for 10 minutes.
The sale followed a stegosaurus sold by Sotheby's in 2024 to hedge-fund billionaire Ken Griffin for $44.6 million. The stegosaurus, named "Apex," is on loan to the Museum of Natural History. Stewart stated: "I say it's 'SpaceX to T. rex.' It's not just that these people have made the money. They're looking at market valuations and they're making a judgment about store of value."
Sports Memorabilia and Pop Culture Items Command Premium Prices
Weeks after the New York Knicks won the NBA championship, a jersey worn by Jalen Brunson in Game 1 of the series against the Spurs sold at Sotheby's for $1.024 million. A black leather Tom Ford jacket worn by Nvidia CEO Jensen Huang to a Foxconn event in Taiwan in 2023 sold for $960,000, exceeding its presale estimate of $40,000 to $60,000. The proceeds went to charity.
Artsy and Artnet CEO Jeffrey Yin observed: "People are spending money on fun, collectible items that they want to have."
FAQ
What sales totals did Sotheby's and Christie's report in the first half?
Sotheby's reported $4.4 billion in sales, up 58% from last year and marking its best first half ever. Christie's reported $4.5 billion in sales, up 71% and representing its best first half since 2021.
Why did auction executives attribute the market rebound to tech wealth?
Sotheby's CEO Charles Stewart stated that wealth creation is "the number one factor in our business right now," citing visibility of the SpaceX IPO, tech IPOs and AI fever. Christie's CEO Bonnie Brennan noted confidence in the market with buyers spending "great amounts of money to acquire those special one-of-one works."
What was the most expensive item sold in the first half?
A Jackson Pollock drip painting titled "Number 7A, 1948" sold for $181 million at Christie's, previously owned by media magnate S.I. Newhouse.
