In 2022, the global auction landscape saw a remarkable surge, with the three largest houses collectively approaching an all-time high of about $18 billion in sales. This milestone was reported across the major houses, underscoring a year of robust demand and record-breaking activity in the art market. The total sales figures attributed to Christie’s, Sotheby’s, and Phillips hovered around the $18 billion mark, signaling a strong recovery and sustained consumer interest in high-value artworks and collectibles. Christie’s led the trio with roughly $8.4 billion in sales, Sotheby’s trailed closely with approximately $8 billion, and Phillips contributed about $1.3 billion. Taken together, these numbers marked 2022 as a standout year in the art commerce calendar and, in Christie’s case, a historic achievement in the broader history of the art market. (Citation: Christie’s)
One of the central revenue drivers for Sotheby’s that year was the continuation of the sale of the second portion of the private collection amassed by billionaire spouses Harry and Linda McLoe—diagnosed during their divorce as a decision to separate their holdings. The family’s collections had already begun entering the market in 2021, and Sotheby’s carried forward this wave of sales into 2022. The first installment of these holdings had generated substantial interest and returns, with Sotheby’s reporting $922 million from that initial tranche and continuing momentum in the subsequent year, which contributed significantly to Sotheby’s overall performance. (Citation: Sotheby’s)
Across the same period, Phillips achieved an 8% year-over-year increase in sales, signaling that its program of modern and contemporary offerings continued to resonate with collectors. The single most valuable work that Phillips secured that year was a painting by Jean-Michel Basquiat, which achieved a price tag of $85 million, illustrating the kind of marquee artworks that drive headline results in auction markets. (Citation: Phillips)
In the fall, a landmark private collection sale added a monumental note to the year. The private holdings of the late Microsoft co-founder Paul Allen—accessioned through an auction sequence—generated the largest single-owner sale in auction history, surpassing $1.6 billion. The event helped anchor the year’s record-setting atmosphere, drawing global attention as top-tier works from esteemed masters were offered in highly anticipated two-night sessions at Christie’s in New York. Works by Georges Seurat, Paul Cézanne, Vincent van Gogh, Paul Gauguin, and Gustav Klimt achieved seven-figure results, underscoring the strength of classic masterpieces in the contemporary auction market. (Citation: Christie’s)