The global art market has faced significant headwinds over the past two years, grappling with macroeconomic uncertainty and a noticeable cooling in buyer sentiment. Yet amid the volatility, Christie’s is closing the year on a high note, projecting US$6.2 billion in global sales – a 6% increase over the previous year.
This milestone marks the first annual report under the leadership of Bonnie Brennan, who stepped into the role of Global CEO earlier this year. During a typhoon-hit auction week in Hong Kong in September, the chief sat down with The Value to reflect on her first year at the helm.
In a wide-ranging conversation, she spoke about the state of the art market, her long-term vision for Christie’s, the rise of Gen Z collectors, the “impatient” culture driving private sales, the evolving future of NFTs, and why the auction house is betting big on Asia.
Christie's 20/21 sale series in New York totalled US$964.5 million, the house's highest total in three years, led by Mark Rothko’s No. 31 (Yellow Stripe)
In recent years, global economic uncertainty has led to pessimism in the art market, with sales numbers dropping across the industry. What is your view on the current situation, and what is the biggest challenge facing Christie’s today?
The art industry and Christie's both thrive when there's certainty and stability in the larger world; we're not immune to market volatility. However, I am very encouraged by our performance in the first half of 2025. We stabilized with US$2.1 billion in sales, which is even with last year. I believe the decline we’ve seen over the last few years has leveled off.
The biggest challenge is that instability lowers seller confidence, making sourcing more challenging. But when we do source great material, the buyers are there.
That's a change you can see in the back half of the year as we bring tremendously great material to market. We saw this in the spring with the Riggio collection in New York, where the Mondrian achieved US$47 million – the highest price at auction anywhere that season. There's a stabilization and a continued focus on high-quality objects. People are waiting for these pieces, and when they appear, the activity follows.
Piet Mondrian’s Composition with Large Red Plane, Bluish Gray, Yellow, Black and Blue from the Riggio collection became the most expensive lot sold in H1 2025, selling for US$47.56 million
Leonard Riggio was the founder of Barnes & Noble, once the largest bookseller in the United States
What is the way to boost the confidence of collectors and consignors so they are more willing to release their artwork?
People love stories and provenance. At Christie's, one of our many goals is to tell stories that fascinate the world and engage a wider audience. A major focus of mine is ensuring we aren't just speaking to existing clients, but also to those we don’t yet have a relationship with.
How do we engage those people? Through storytelling. For example, the Leonard and Louise Riggio sale in May was about the Barnes & Noble empire – that resonated across generations. This fall, we have a relatable American story of collectors who built their wealth in the supermarket industry, as well as Elaine Wynn, a major voice in Las Vegas and philanthropy. The Kawamura Memorial DIC Museum of Art in Japan is another great story of an institution.
We are also at an inflection point where pricing is critical. We have to be very sensitive to ensure that the way we price and present objects is attractive to the widest possible audience.
Bonnie Brennan | Christie’s Global CEO
You have been in the CEO role for about nine months now. What key initiatives have you introduced, and what hurdles have you faced?
Well, typhoons weren't on my bingo card, so this is my first! But joking aside, I am grateful that my predecessor left me with a stable, strong business. It gives me a platform to be bold and innovate. With a brand that dates back to 1766, one arm has to preserve heritage while the other pushes forward.
We have done a lot this year to engage new audiences through new categories. This was our first year of partnership with Gooding & Company, the car auction house we acquired at the end of last year. We are also prioritizing expansion into the Middle East; we incorporated in Saudi Arabia and are seeing increased activity there due to our commitment to the region.
I think it is a testament to the growth and opportunity that we see here. We are incredibly fortunate to have Edward Wilkinson, who is such a renowned expert in that space. We have seen global demand in that market, alongside a significant uptick in excitement within the Indian, Himalayan, and Southeast Asian Art department. We want to foster that growth and fully leverage Edward's expertise.
My overarching goal, though, is to stick to our principles of expertise and presenting masterpieces, regardless of the category. For instance, the Jeff Beck guitar sale in London this past January introduced us to a younger, more diverse audience. That is a category of great interest to me: how can we move and push a little bit further into that space?
Edward Wilkinson, Christie’s newly appointed Global Head of Indian, Himalayan, and Southeast Asian Art
Jeff Beck's iconic Oxblood Les Paul sold for £1.07 million against an estimate of £350,000 in January 2025
Can you tell us more about your long-term vision for Christie's, and particularly the role of Asia?
Asia is incredibly important because of the growth opportunities it presents, specifically regarding new buyers. The future of Christie's relies on connecting with that next generation of collectors, and Asia is driving that initiative for us.
Last year, 40% of our new buyers came from Asia, with a significant percentage coming from mainland China. That signals to me that the investment we made in our new headquarters at The Henderson is fully justified by the numbers. This is the ideal stage to welcome those diverse audiences.
Long-term, the question for me is: how do we continue to be relevant to that expanding audience? What does "good" look like to them? And how do they want to engage with us? We have seen a massive uptick in online engagement; 80% of our bids last year came through our digital tools. So, we have to keep pushing on the technology front, leveraging the power of AI not just for efficiency, but to ensure that younger audiences see us as relevant to the lives they are living today.
Christie's new Asia Pacific Headquarters is located at The Henderson in Hong Kong
Incoming Asia-Pacific President Rahul Kadakia, wielding the gavel for Christie’s 20th/21st Century Evening Sale in Hong Kong in September
Christie's has put Rahul Kadakia in charge of Asia. Why is he the perfect person for this position?
Rahul is a true Christie's veteran. He has been with the company since 1996 and has worked in every major geographic center. He started in London, spent time in Geneva, and has most recently been running our international jewelry department in New York. He is of Indian heritage and frequently takes the rostrum in this very saleroom in Hong Kong, so he is already very well known to the region.
Beyond that, he is a seasoned business-getter who deeply understands our clients. I believe he will have a powerful impact on the growth we are looking to harness here.
It's always an advantage to have an auctioneer who knows the room and knows his colleagues on the phones – whether they are calling from Thailand or Singapore. They have all worked with him in the past, and those existing relationships allow them to expedite the growth we are looking for; there's very little "get to know you" time needed. He is a dynamic leader, and we are very lucky to have him.
We’ve seen a trend where sales of fine art are dipping, but luxury is rising strongly. Some argue this is due to the habits of Gen Z buyers who want to collect differently from their parents. What is your view?
We have actually been very encouraged by our ability to educate young buyers and spark their interest in some of the more classical categories. Old Masters is a prime example; we have seen immense interest from new, younger buyers in that field.
Why is that? Because we have dedicated ourselves to educating them – to almost interrupting their path. They might come in specifically to see jewelry, but we hang Old Masters nearby and make a point of making those works interesting to them.
Here in Asia, collectors experience a dialogue between East and West. People who collect classical or contemporary Chinese works of art can see how those artists might have been influenced by the great masters of the West.
Education is a core part of Christie's mission; we focus on teaching people how to build a collection brick by brick. We want them to come to Christie's to buy their engagement ring, or perhaps a piece of modern design furniture for their first home, and happen to see a great print on the wall. We love creating that dialogue with them as they go on their collecting journey.
Preview exhibition during Christie's Hong Kong Luxury Week Autumn 2025
The NFT boom was massive, but the crypto economy has since quieted down in the auction world. This year, Christie's closed its dedicated digital art department. Is that a sign that NFTs are dying?
I think we are just at the beginning stages, and that is where we have to be nimble, flexible, and responsive to where the market is moving.
We have responded accordingly. Since that major sale in 2021, yes, there has been a bit of a pullback in terms of volume and value. But we are very much still present in the space. We have retained an expert, and the category now sits under the umbrella of our 20th and 21st Century Art department. That is where that expertise will sit.
What we have seen – which is not dissimilar from other categories – is that great digital artists, whether it be Beeple (Mike Winkelmann) or Refik Anadol, are still generating a dialogue.
I am delighted that we have seen some crossover; some classic art collectors have really responded to the "best of the best" in the digital art field. As long as there is a continuing dialogue and interest, we will be there. It is simply about making sure our resources are focused on where the demand is. Ultimately, we are a small business.
Refik Anadol's Living Memory: Messi – A Goal in Life sold for US$1.865 million in July 2025
While public transaction numbers are down, private sales have been very strong. Art advisors tell us clients are shifting that way. Why is this happening?
There are a few reasons for this shift. First, many of our clients appreciate the discretion that private sales offer. They also value the speed and immediacy; private sales can happen any day of the week, so there is no need to wait for a scheduled auction season. We live in an impatient culture, and private sales cater to that.
Furthermore, we have an incredible Rolodex of buyers and sellers, and we can be great matchmakers. We are constantly updated on clients' wish lists and are deeply engaged with those looking to sell, making us the ideal venue to facilitate those connections.
However, the two formats very much work in tandem. We have an exceptional team of experts curating our auctions, but certain artists actually perform better in the private market. We have a duty to be honest and provide our clients with the best possible advice regarding which channel suits their asset.
Additionally, younger buyers are very values-driven – specifically regarding where the proceeds are going. A significant trend in the global auction world is the sale of works to benefit philanthropy. That spirit has awakened a new generation of collectors who would much rather acquire a piece that benefits an institution or a cause than simply buy from another consignor.
We have noticed a trend of industry veterans leaving auction houses to start advisory firms. How do you view the relationship between Christie's and these firms founded by former colleagues?
Frankly, I love it because these are people who truly understand our business. Many of them started here and built their foundational relationships while they were Christie's employees. They deeply understand what is required to provide exceptional service to a client. Dealing with someone who fundamentally "gets" the mechanics of the industry makes everything smoother.
There is plenty of business to go around in this art ecosystem. Particularly during challenging times, we have to support one another. We all share the same passion and mission: to serve our clients well. I see a much greater level of camaraderie now between the auction houses and these advisors, and they open a significant number of opportunities for us.
There was a prominent business figure in New York who once said, "An educated consumer is your best customer." I believe our advisors are a perfect example of that principle in action.
Christie's recently launched a strategy for the 20th and 21st Century Art department, themed “One Destination” and “Endless Inspiration.” What does that entail?
It is a direct response to the fact that our buyers are thinking globally. They are not only buying across categories but are also transacting regardless of the specific sales center.
When we plan the fall season, we don’t view Hong Kong in isolation; we view Hong Kong, London, Paris, and New York as an interconnected network. The goal is to offer clients endless possibilities through those four major hubs. It is one Christie's – one unified opportunity manifesting in many different places.
This strategy allows us to execute exactly what we discussed earlier: examining the dialogue between artists like Picasso and Sanyu, and bringing that East-West conversation to the forefront. In Paris, we explore similar connections with Joan Mitchell, a great American abstract painter who studied there. Those cross-cultural conversations are exactly the kind of storytelling that fits perfectly into this overarching marketing theme.
The conversation concluded with a preview of the New York highlights in November, featuring works by Monet, Rothko, and Thiebaud. "I love Thiebaud's landscapes," Brennan noted, drawing attention to the visual synergy between a J.M.W. Turner and a Claude Monet hanging nearby. "To see the Turner on the wall across from the Monet – seeing how Monet was inspired by the 'painter of light' – is fun. I am really excited about the season. I think the market will be receptive."