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Auction market worldwide - statistics & facts

While the history of auctions goes back as far as the ancient Greeks, the foundation of the modern auction market lies in businesses that were established in England during the 18th century. Since then, the practice of offering paintings, furniture, and other goods up for bid gained popularity, but perhaps few could have predicted that the global sales at public auctions of art and antiques would eventually generate billions. In 2022, the sales value of this market amounted to nearly 27 billion U.S. dollars, reporting a slight annual decrease. That year, the United States, China, and the United Kingdom accounted for the highest share of public auction sales worldwide, with the U.S. alone holding 37 percent of the market. Although auction houses do not exclusively focus on art, they represent a pillar of the global art market, as public art and antiques auctions made up roughly 40 percent of total art sales worldwide in 2022.

The giants of the global auction market

Both founded in London, England, during the 1700s, auction houses Christie’s and Sotheby’s dominate the market. In 2022, total sales of Christie’s worldwide, including both the public and private channels, surpassed 8.4 billion U.S. dollars, the highest figure recorded by the company to date. Meanwhile, global sales of Sotheby’s peaked at eight billion U.S. dollars, rising by 10 percent over 2021. A third auction house, Phillips - also originated in London in the 18th century – also had a memorable 2022. That year, global sales of Phillips reached a new peak since the firm’s 225-year history, generating 1.3 billion U.S. dollars.

The new normal of online auctions and the NFT slowdown

With the onset of the health crisis, major auction houses tried to reduce the negative effect of canceled and rescheduled in-person sales by strengthening their digital departments. Ultimately, the combined number of online-only auctions by Christie’s, Sotheby’s, and Phillips tripled in 2020, with over 600 such events. While this figure declined steadily in the following two years, online-only sales in 2022 were still twice as many as in pre-pandemic levels. On the other hand, figures on public auctions of art-related NFTs worldwide reveal a year-on-year drop in revenue of around 220 million U.S. dollars in 2022, despite an increase in the number of transactions. Similarly, when looking at the leading NFT artists worldwide by auction revenue, just one artist surpassed the one-million U.S. dollars mark in 2022.
This text provides general information. Statista assumes no liability for the information given being complete or correct. Due to varying update cycles, statistics can display more up-to-date data than referenced in the text.
Published by Statista Research Department, Dec 18, 2023

Key insights

Sales value at public auctions of art and antiques worldwide
25.1bn USD
U.S. market share of public auction sales worldwide
37%
Sales value at public auctions of art and antiques in the U.S.
7.8bn USD
Get more insights

Editor’s Picks Current statistics on this topic

Sales value at public auctions of art and antiques worldwide from 2011 to 2023 (in billion U.S. dollars)

Art & Antiques

Sales value at public auctions of art and antiques worldwide 2011-2023

Leading auction houses worldwide in 2023, by sales value (in billion U.S. dollars)

Art & Antiques

Leading auction houses worldwide 2023, by sales value

Leading artists worldwide in 2023, by auction revenue (in million U.S. dollars)

Art & Antiques

Leading artists worldwide 2023, by auction revenue

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