1. Introduction

Indicators from the public auction sector in the first half of 2024 revealed slower sales than in the same period in 2023, with totals at Christie’s, Sotheby’s, Phillips, and Bonhams down by 26%, and below their level prior to the pandemic in 2019. There was some mixed performance between these major auction houses, and those away from the highest end of the market fared slightly better.

Despite the slowdown in sales in 2023, global imports of art and antiques continued to grow for the third consecutive year, with values advancing by 6% to $33 billion, as major importing regions such as Hong Kong maintained high demand. Exports stalled in 2023, dropping by 1% to $32 billion, with slowing year-on-year values in the major hubs of the US and the UK, which continued into the first quarter of 2024.