Editor’s Note
As fine art markets fluctuate, auction houses are increasingly relying on luxury categories like jewelry to drive growth. This analysis examines how Christie’s and others are adapting their business strategies in response to shifting collector demand.
Luxury Sales Surge at Auction Houses
Christie’s released its midyear earnings last week, breaking down auction performance by category, including luxury—which they first broke out as its own line item just four years ago. As expected, luxury sales at the auction houses have grown exponentially as a percentage of their global business in the past few years, as prices for fine and decorative arts have fallen. Jewelry, in particular, is performing exceptionally well.
A “Well-Rounded” Sale
“Christie’s global head of jewelry, Rahul Kadakia, called it a ‘well-rounded’ sale, which included a selection of Mughal jewels, a pink diamond ring once owned by Marie Antoinette, and the collections of Anne H. Bass and Lucille Coleman, all of which sold well above their estimates.”