Christie's launches 2021 Luxury Market report

Christie's launched its Luxury Report 2021. 

François Curiel, Chairman of Christie’s Luxury Division: “2021 was a year of great growth for Christie’s Luxury categories, which achieved total sales of $980 million. Our Jewels, Watches, Handbags and Wine auctions continued to serve as a pivotal entry point for many first time buyers, who often go on to become cross-category collectors at Christie's. Our clients are global with new registrants from the Americas (32%), Asia Pacific (37%) and EMEA (31%) participating in our Luxury auctions. We continued to welcome the next generation of collectors to our auctions, last year 29% of overall clients in Luxury auctions were millennial collectors. Building on our investment in digital technologies throughout the pandemic, the confidence in online auctions has continued apace. The average online lot value has tripled in value since 2019 and our clients are embracing digital channels and the hybrid sales approach, a success attributed to the trusted relationships between Christie’s Specialists and our online collectors, who often purchase objects without viewing them in person.”

OVERALL LUXURY SUMMARY

• Luxury auctions and private sales (Jewels, Watches, Handbags and Wine) totalled US$980 million, up 153% from 2020.
• Luxury sales at auction totalled US$736.1 million, marking a 73% increase over 2020.
• Stand-out year for Luxury Private Sales in the region of US$240 million, doubling private sales made in 2019.
• Luxury is an essential pillar of Christie’s global business and introduced 32% of new clients to the firm in 2021.
• Online sales comprised 21% of total auctions in 2021, up from 5% in 2019.
• The average lot value for Luxury sales online has more than tripled in 2021 (£14,500) vs 2019 (£4,500).
• Global participation in Christie’s Luxury auctions witnessed bidders and buyers from 82 countries.
• Millennial clients comprised 29% of collectors in Christie’s Luxury categories.