Christie's and Sotheby's reported combined 2025 revenues up 30% from the prior year, driven not by expanded public auction calendars but by a decisive shift toward private treaty sales and ultra-high-net-worth dealmaking. The increase marks the auction houses' strongest year-over-year growth since 2021, when pandemic-deferred estate liquidations flooded the market.
The revenue composition tells the story. Public auction hammer totals rose only 11% year-over-year across both houses, while private sales—historically a courtesy service—grew 47% and now represent an estimated 38% of total revenues, up from 29% in 2024. Christie's disclosed that private transactions exceeded $2.1 billion in 2025, with Sotheby's estimated near $1.8 billion based on partial disclosures. Paris auction houses including Artcurial and Millon reported parallel trajectories, with private sales climbing to 34% of total volume.
Trophy lot performance anchored the public results. A Rothko from a European estate brought $84 million at Christie's November evening sale, while Sotheby's January contemporary session saw a Basquiat reach $67 million. But lot counts fell 14% across major evening auctions, and mid-tier works—those between $500,000 and $5 million—saw pass rates climb to 31%, the highest since 2016. The concentration risk is acute: lots above $10 million accounted for 61% of total hammer value in 2025, up from 48% two years prior.
The private sales surge reflects structural changes in how ultra-high-net-worth collectors transact. Auction houses now function as intermediaries for off-market placements, leveraging client networks built over decades of public sales. The shift reduces headline risk—no public pass, no Bloomberg terminal alert—and allows for tiered pricing structures that capture value beyond the hammer. One London dealer noted that Christie's recently closed a $120 million transaction involving three Old Master works, never announced, with the house taking an estimated 12% commission split between buyer and seller.
Allocators tracking wealth concentration should note the downstream effects. The auction model's retreat to trophy-only public events compresses mid-market liquidity, effectively bifurcating the art market into ultra-prime and everything else. This mirrors broader luxury dynamics: Hermès and Brunello Cucinelli report record margins while mid-tier brands struggle. For family offices, the implication is that art as an asset class now requires either $50 million+ deployments to access top-tier inventory or acceptance of structurally thinner exit liquidity in the $1-10 million band.
Watch for first-quarter 2026 lot catalogs from both houses, typically released mid-February, to confirm whether the trophy-heavy strategy persists or if either firm attempts to rebuild mid-tier volume. Paris spring auctions in late March will signal whether European houses can sustain their private sales growth or if 2025 represented a one-time repatriation wave. Sotheby's is expected to disclose full private sales figures by late January, providing a clearer benchmark.
The 30% top-line growth obscures a narrowing business: fewer lots, higher prices, more off-market deals. The auction houses are becoming high-touch wealth advisors who occasionally hold auctions.
The takeaway
Auction house revenues up 30% in 2025, but private sales now 38% of total as public mid-market lots face 31% pass rates.
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