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Auction market worldwide - statistics & facts

While the history of auctions goes back as far as the ancient Greeks, the foundation of the modern auction market lies in businesses that were established in England during the 18th century. Since then, the practice of offering paintings, furniture, and other goods up for bid gained popularity, but perhaps few could have predicted that the global sales at public auctions of art and antiques would eventually generate billions. In 2020, the sales value of this market amounted to 17.6 billion U.S. dollars, dropping by roughly 30 percent over 2019 due to the coronavirus (COVID-19) pandemic. That year, China, the United States, and the United Kingdom accounted for the highest share of public auction sales worldwide, with the Asian country alone holding 36 percent of the market. Although auction houses do not exclusively focus on art, they represent a pillar of the global art market, as public art and antiques auctions made up over a third of total art sales worldwide in 2020.

The giants of the global auction market

Both founded in London, England during the 1700s, auction houses Sotheby’s and Christie’s currently dominate the market. In 2021, total sales of Sotheby’s worldwide, including both the public and private channels, totaled 7.3 billion U.S. dollars, the highest figure recorded by the company to date. On the other hand, global sales of Christie’s just surpassed seven billion U.S. dollars, rising by nearly 61 percent over 2020. Meanwhile, a third auction house, Phillips - also originated in London in the 18th century - had a memorable 2021. That year, global sales of Phillips reached a peak since the firm’s 225-year history, generating 1.2 billion U.S. dollars.

The rise in online auctions amid the pandemic and the NFT craze

With the onset of the health crisis, major auction houses tried to reduce the negative effect of canceled and rescheduled in-person sales by strengthening their digital departments. Ultimately, the combined number of online-only auctions by Christie’s, Sotheby’s, and Phillips nearly tripled in 2020, and the volume of online sales in the first half of 2021 was already higher than pre-pandemic sales. In addition to the impact of COVID-19, the boom of non-fungible tokens (NFTs) also contributed to the digitalization of auction houses. In March 2021, Christie’s promoted the first major auction sale based on an NFT, a digital collage by American artist Beeple, which ended up being the most expensive NFT sold by Christie’s that year, fetching over 69.3 million U.S. dollars. Competitor Sotheby’s did not simply stand by and watch. In 2021, it entered the NFT market by launching the Sotheby’s Metaverse, an online platform entirely dedicated to NFT sales.
This text provides general information. Statista assumes no liability for the information given being complete or correct. Due to varying update cycles, statistics can display more up-to-date data than referenced in the text.
Published by Statista Research Department, Dec 8, 2022

Key insights

Sales value at public auctions of art and antiques worldwide
26.3bn USD
China's market share of public auction sales worldwide
33%
Sales value at public auctions of art and antiques in the U.S.
8.5bn USD
Get more insights

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