Sales at Christie’s London auction house are on the mend following a downturn in 2023, recent reports reveal.
The UK branch of the group recorded sales of £919.4m for 2024, marking an almost 12% increase compared to the previous year, as reported by City AM.
Christie’s UK sales had previously plummeted from £1.1bn in 2022 to £821.9m over the next 12 months.
Newly filed accounts with Companies House show that sales of 20th and 21st-century art played a significant role in boosting Christie’s sales from £556.7m to £659.4m in 2024.
However, Old Masters’ sales dipped slightly from £119.5m to £116.8m within the same period. Thanks to the improved sales, Christie’s UK arm saw its turnover rise from £127.2m to £132.5m in 2024.
Its pre-tax profit also experienced growth, increasing from £11.3m to £17.5m over the 12 months.
Christie’s battles ‘challenging environment’
Founded by James Christie in King Street, London, in 1766, Christie’s now operates salesrooms in New York, Paris, Hong Kong, Milan, Geneva, Shanghai and Dubai.
The company is currently owned by Groupe Artémis, the holding firm of French billionaire businessman François Pinault, who co-founded luxury group Kering. In a statement issued late last year, the wider Christie’s group projected its global sales for 2024 to be $5.7bn, reflecting a six per cent decrease.
Its auction sales were also expected to reach $4.2bn, marking a 16% drop. However, Christie’s private sales of $1.5bn were anticipated to see a 41% surge.
Guillaume Cerutti, the chief executive, expressed satisfaction with the company’s performance as 2024 drew to a close. He stated: “We are pleased to close 2024 on a positive note, with stronger momentum in our Fall season sales and the acquisition of Gooding & Co.”
Despite acknowledging the difficulties faced by the art market, Cerutti remained optimistic about Christie’s future, adding: “Despite a challenging environment for the art market, this year has been a productive one for Christie’s. We look ahead to 2025 and beyond with confidence.”
