Christie’s Posts 25% Drop in Sales in 2023

Auction house Christie’s Inc. said its total sales declined 25% in 2023 from the previous year, citing a challenging macro environment and contraction in the art market, while new buyers from Chinese mainland spent more.

Other auction houses also experienced sales decline as economic and geopolitical headwinds continued throughout 2023. Auction sales results for old masters, impressionist, modern, post-war and contemporary art at Sotheby’s, Christie’s and Phillips, ended up at $5.76 billion in 2023, down 27% from 2022, according to a report by art market analysis firm ArtTactic.