Beautiful Virgin Islands

Tuesday, Jun 24, 2025

Global Auction Sales Soared to a Record $12.6 Billion in 2021

Global Auction Sales Soared to a Record $12.6 Billion in 2021

The global auction market soared to record levels in 2021, with Christie’s, Sotheby’s, and Phillips posting a combined US$12.6 billion in sales, according to a report released Tuesday.
The figure was 70.2% higher than 2020, and 2.3% higher than the previous peak in 2018, according to RawFacts Auction Review 2021 by ArtTactic, a London-based art market research firm.

Sotheby’s maintained its leading position,accounting for 49.8% of the total auction sales last year, with auctions running at US$6 billion. That’s the highest level in the company’s 277-year history.

Sotheby’s successful sales strategy included “a diverse digital offering and securing the sales of high-value single-owner collections, including the Macklowe collection and the MGM Resorts Fine Art Collection,” the report said.

Christie’s market share increased from 40.9% in 2020 to 42.6% in 2021, and Phillips’ market share dropped to 7.6%, down from 8.7% in 2020.

New York retained its position as the global art hub, accounting for 48% of auction sales in 2021. Hong Kong, with a market share of 19.4%, replaced London to become the second most important art market, where the three auction houses saw a combined US$2.45 billion in sales.

London’s market share fell to 16.6% from 22.7% in 2020, although auction sales rose from US$1.7 billion in 2020 to US$2.1 billion in 2021, according to the report.

Online sales continued to explode as the three auction houses adapted to the global pandemic. Online-only sales amounted to US$1.35 billion, up 28.2% from 2020 and accounting for 10.7% of total auction sales. Online-only sales were at a mere US$168.2 million in 2019.

In terms of categories, post-war and contemporary art accounted for 32.8% of the market in 2021, with total sales of US$4.14 billion, according to the report.
Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
Airlines Evaluate Flight Cancellations Amid Escalating US-Iran Tensions
Starmer Invites Innovators to Join Government Talent Scheme
UK Economy’s Strong Opening Quarter Shows Signs of Cooling
Harrods Seeks Court Order to Secure Al Fayed Estate for Victims
BA and Singapore Airlines Cancel Dubai Flights Amid Middle East Tensions
Trump Faces Backlash from MAGA Base Over Iran Strikes
Meta Bets $14 B on Alexandr Wang to Drive AI Ambitions
WATCH: Israeli forces show the aftermath of a massive airstrike at Iran's Isfahan nuclear site
FedEx Founder Fred Smith, ‘Heart and Soul’ of the Company, Dies at 80
Chinese Factories Shift Away from U.S. Amid Trump‑Era Tariffs
Pimco Seizes Opportunity in Japan’s Dislocated Bond Market
Labubu Doll Drives Pop Mart to Status as China’s Most Valuable Toy Maker
Global Coal Demand Defies Paris Accord Goals
We have new information and breaking details to share about what is shaping up to be a historic air campaign tonight
Six Massive Bombs Dropped on Fordow; Trump: 'A Historic Moment for the U.S., Israel, and the World'
Fordow: Deeply Buried Iranian Enrichment Site in U.S.–Israel Crosshairs
United States Conducts Precision Strikes on Iran’s Nuclear Sites
US strikes Iran nuclear sites, Trump says
Pakistan to nominate Trump for Nobel Peace Prize.
BBC Demands Perplexity AI Immediately Stop Using Its Content
Telegram Founder: I Will Leave My Fortune to Over 100 of My Children
Political Turmoil Resurfaces in Belgium Amid Economic Concerns
Fed policymakers divided on timing of interest rate cuts
Trump signals imminent agreement with Harvard University
Inheritance tax referendum alarms Swiss billionaire community
Japan cancels bilateral security meeting amid US defence demands
AI skeptic Emily Bender warns that ‘the emperor has no clothes’
Israel Confirms Assassination of Quds Force Commander in Tehran
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
Iranian Military Officers Reportedly Seek Contact with Reza Pahlavi, Signal Intent to Defect
FBI and Senate Investigate Allegations of Chinese Plot to Influence the 2020 Election in Biden’s Favor Using Fake U.S. Driver’s Licenses
Vietnam Emerges as Luxury Yacht Destination for Ultra‑Rich
Plans to Sell Dutch Embassy in Bangkok Face Local Opposition
China's Iranian Oil Imports Face Disruption Amid Escalating Middle East Tensions
Trump's $5 Million 'Trump Card' Visa Program Draws Nearly 70,000 Applicants
DGCA Finds No Major Safety Concerns in Air India's Boeing 787 Fleet
Airlines Reroute Flights Amid Expanding Middle East Conflict Zones
Elon Musk's xAI Seeks $9.3 Billion in Funding Amid AI Expansion
Trump Demands Iran's Unconditional Surrender Amid Escalating Conflict
Israeli Airstrike Targets Iranian State TV in Central Tehran
President Trump is leaving the G7 summit early and has ordered the National Security Council to the Situation Room
Taiwan Imposes Export Ban on Chips to Huawei and SMIC
Israel has just announced plans to strike Tehran again, and in response, Trump has urged people to evacuate
Netanyahu Signals Potential Regime Change in Iran
Juncker Criticizes EU Inaction on Trump Tariffs
EU Proposes Ban on New Russian Gas Contracts
Analysts Warn Iran May Resort to Unconventional Warfare
Iranian Regime Faces Existential Threat Amid Conflict
Energy Infrastructure Becomes War Zone in Middle East
×