Sales at Christie's London auction house are on the mend following a downturn in 2023, recent reports reveal.
The 海角视频 branch of the group recorded sales of 拢919.4m for 2024, marking an almost 12% increase compared to the previous year, as reported by .
Christie's 海角视频 sales had previously plummeted from 拢1.1bn in 2022 to 拢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 拢556.7m to 拢659.4m in 2024.
However, Old Masters' sales dipped slightly from 拢119.5m to 拢116.8m within the same period. Thanks to the improved sales, Christie's 海角视频 arm saw its turnover rise from 拢127.2m to 拢132.5m in 2024.
Its pre-tax profit also experienced growth, increasing from 拢11.3m to 拢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 Arte虂mis, the holding firm of French billionaire businessman Franc抬ois 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."
