London’s Auction Houses Results

London’s major auction houses – Sotheby’s, Christie’s, Bonhams, and Phillips – operate internationally and specialise in a wide variety of collectibles including contemporary and modern art, jewellery, fine wine, and rare and precious objects. The market for collectibles is expanding geographically, as concentrations of private wealth spread from Europe and North America, to include Asia, Latin America and the Middle East. The globalisation of demand is matched by an evolution of buying patterns, as the auction houses respond to the tastes and preferences of new groups of collectors.

Christie’s highest London total so far this year came from a traditional sale of 20th/21st Century art, which realised £82,180,500 across 47 lots. The auction included works by Gerhard Richter, Francis Bacon, Pablo Picasso, Egon Schiele, and Frank Auerbach. Nearly 75% of the works were fresh to market, with almost one-third by living artists. The highest price paid was for Tamara de Lempicka’s Portrait du Docteur Boucard, which sold for £6,635,000. Her work is currently the subject of an exhibition at the Museum of Fine Arts, Houston.

Another highlight at Christie’s was The Art of the Surreal, a major auction dedicated to Surrealist and Dada works, which achieved £48,071,200 across 25 lots. The highest price paid was for René Magritte’s La Reconnaissance Infinie, a painting that includes many of his signature motifs: enigmatic stillness and absurdity, a floating sphere that is solid yet weightless, and a bemused-looking figure. The work sold for £10,315,000.

At Phillips, an auction of Modern & Contemporary Art contained 31 lots, featuring works by Andy Warhol, Henri Matisse, Cy Twombly, Peter Doig, Agnes Martin, Cindy Sherman, and Frank Bowling. Sales ranged from £40,640 to £2,710,000, with the top price paid for Joan Mitchell’s Canada II, a black-and-white triptych. In March, The Art Newspaper highlighted the sale of Lisa Brice’s After Embah at Sotheby’s. The lot was initially estimated at £1m–£1.5m, but after an intense bidding war between a buyer in the room and another who joined by telephone, the painting was ultimately sold for £5.4m, setting a new auction record for the artist.

Press coverage of London auction results so far this year has described them as disappointing compared to previous years, attributing this downturn in part to political uncertainty in America, but the impact of Brexit is also seen as a destabilising factor for London’s art market. According to The Art Newspaper, traditional buyers are becoming more cautious, favouring established artists and works of proven quality. However, there is also evidence that a new generation of collectors is emerging, favouring works that reflect pop culture, luxury, and digital engagement.

The residual demand for works by well-established names, paired with a growing interest from new buyers for work by emerging artists and digital engagement, points to a bifurcation in the market.  Auction houses will need to cater both for the caution of traditional buyers and the forward-looking taste of a younger generation. London’s standing in the global art market will depend on how successfully the auction houses are able to navigate these evolving dynamics.

Ana Teles for London Art Walk
April 2025