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The surge in online sales has markedly invigorated the lower echelons of the art market, potentially sounding the death knell for traditional showroom auctions, according to the chief executive of Artprice, a leading market analysis firm, which unveiled its annual report this month. Artprice reported a decline in the number of high-profile auctions in 2023 compared to the preceding year, resulting in an overall turnover reduction of 14%, settling at $14.9 billion. Nevertheles

In 2020, only two artworks among the ten most expensive pieces sold at auction surpassed the $50 million mark. The subsequent year,...

The sale of significant single-owner collections has traditionally been a cornerstone of strategy for major auction houses, prominently including Christie's and Sotheby's, with Phillips also playing a role, though to a lesser extent. These institutions routinely engage in fierce competition, vying for substantial sums that can range from tens of millions to several hundred million dollars, all in an effort to secure valuable consignments from noteworthy living collectors and

Sotheby's navigated a challenging sale; however, resilience persists within the market. In the midst of a conflicted region, Sotheby's conducted its Middle East sale on Tuesday, procuring high prices for select pivotal lots, albeit achieving a mere 54 percent sell-through rate. The extent to which this will assuage the apprehensions of observers within the Middle East art market, anticipating the reverberations of the Israel-Gaza conflict, remains uncertain and is significant