All articles tagged with #auction houses
Christie's and Sotheby's ended 2025 with increased sales, driven by luxury goods, trophy lots, and private deals, with Sotheby’s leading in total revenue and record-breaking sales, reflecting renewed market confidence and growth in private and luxury sales.
Russian billionaire Dmitry Rybolovlev accuses Sotheby's of participating in an elaborate fraud that led to him losing tens of millions of dollars on art purchases, including works by Picasso and da Vinci. Sotheby's denies any knowledge or participation in the alleged misconduct, while Rybolovlev's lawyer claims that a trusted art broker, Yves Bouvier, secretly marked up prices and pocketed millions. The trial sheds light on high-stakes art transactions and their significance to auction houses, with Rybolovlev expected to testify.
Sotheby's is being accused by Russian billionaire Dmitry Rybolovlev of participating in an elaborate fraud that resulted in him losing tens of millions of dollars on art purchases, including works by Picasso and da Vinci. Sotheby's denies any knowledge of wrongdoing and insists that Rybolovlev failed to protect himself from a broker who cheated him. The trial is expected to shed light on high-stakes art transactions and their significance to auction houses, with Rybolovlev set to testify. The case revolves around art purchases made through Rybolovlev's companies, with his lawyer alleging that an art broker, Yves Bouvier, engaged in secret markups and defrauded him.
New York's major auction houses, Sotheby's and Christie's, are gearing up for their autumn sales, aiming to move billions of dollars' worth of art and a rare Ferrari. Sotheby's is expected to come out on top with its sale of a US$120 million Picasso painting and the collection of wealthy art patron Emily Fisher Landau, which could net around US$400 million. Christie's is offering a range of high-value lots, including a Monet painting and a prized Rothko canvas. Additionally, RM Sotheby's will auction a 1962 Ferrari 250 GTO, expected to fetch over US$60 million. The art and luxury goods market remains strong, driven by China and showing no signs of slowing down.
The annual Art Basel and UBS Global Art Market Report has revealed that the worldwide art and antiques sales reached an estimated $67.8 billion in 2022, up 3% compared to the previous year, lifting the market higher than its prepandemic level in 2019. The report found that high-end dealers and auction houses drove growth, but smaller players have had a harder time recovering. The report also noted that the speculative trade in art-related NFTs contracted in 2022, declining 49% year-on-year, but sales were still more than 70 times higher than they were in 2020.