Sotheby’s has released its 2025 results, with projected consolidated sales reaching US$7 billion, a 17% increase on 2024.

The Luxury division recorded the strongest growth, with sales rising 22% year‑on‑year to US$2.7 billion, the highest Luxury total in the company’s history. In Fine Art, the top lot was Gustav Klimt’s Bildnis Elisabeth Lederer (Portrait of Elisabeth Lederer), which realised US$236.4 million, ranking as the second most expensive artwork ever sold at auction. Sotheby’s Financial Services ended the year with a loan portfolio balance above US$1.8 billion, its highest level to date.

In Asia, Watches, Jewelry, and Chinese Works of Art were the three most active categories by bidding volume. Two single‑owner sales – Masterpieces of Asian Art from the Okada Museum of Art and The Ise Collection – together brought in close to HK$1.05 billion (US$134 million).

Sotheby's projected consolidated sales reached US$7 billion last year

Sotheby’s 2025 Global Figures
 

• Total global sales: US$7 billion (+17%; 2024: US$6 billion)
• Auction sales: US$5.7 billion (+26%; 2024: US$4.5 billion)
• Private sales: US$1.2 billion (slightly down, <1%; 2024: US$1.3 billion)
• Fine Art sales: US$4.3 billion (+15%; 2024: US$3.7 billion)
• Luxury sales: US$2.7 billion (+22%; 2024: US$2.2 billion)
   
• In 2025, Sotheby’s held more than 450 auctions in nine countries, drawing bidders from 123 countries.
• Auction sell-through rate: 88% (2024: 85%)
• Average bidders per lot: 4.5
• First‑time bidders: 35% of all participants
• Bidders under 40: 17% in Global Fine Art; 29% in Luxury
• Sotheby’s Financial Services delivered strong growth, with a record loan portfolio balance in excess of US$1.8 billion

Gustav Klimt, Bildnis Elisabeth Lederer (Portrait of Elisabeth Lederer) | Sold for US$236.4 million

Gustav Klimt, Blumenwiese (Blooming Meadow) | Sold for US$86.9 million

Vincent van Gogh, Piles de romans parisiens et roses dans une verre (Romans parisiens) | Sold for US$62.7 million

Sotheby’s Top 10 Lots in 2025
 

1. Gustav Klimt, Bildnis Elisabeth Lederer (Portrait of Elisabeth Lederer) | US$236.4 million
2. Gustav Klimt, Blumenwiese (Blooming Meadow) | US$86.9 million
3. Gustav Klimt, Waldabhang bei Unterach am Attersee (Forest Slope in Unterach on the Attersee) | US$68.3 million
4. Vincent van Gogh, Piles de romans parisiens et roses dans une verre (Romans parisiens) | US$62.7 million
5. Frida Kahlo, El sueño (La cama) | US$54.7 million
6. 1954 Mercedes‑Benz W 196 R Stromlinienwagen | €51.15 million (around US$53.9 million)
7. Jean‑Michel Basquiat, Crowns (Peso Neto) | US$48.3 million
8. 1964 Ferrari 250 LM by Scaglietti | €34.9 million (around US$36.1 million)
9. Edvard Munch, Sankthansnatt (Midsummer Night) | US$35.1 million
10. Rao Jie (饒介), Calligraphy in Cursive Script | HK$250 million (around US$32.2 million)

Frida Kahlo, El sueño (La cama) | Sold for US$54.7 million

1954 Mercedes‑Benz W 196 R Stromlinienwagen | Sold for €51.15 million

1964 Ferrari 250 LM by Scaglietti | Sold for €34.88 million

Fine Art Auction Highlights
 

• Sotheby’s retained market leadership across several categories, including Old Masters, Impressionist & Modern, Surrealist Art, Design, and Chinese Works of Art.
• Over the past seven years, Sotheby’s has sold the year’s most valuable collection six times. In 2025, it was the Leonard A. Lauder Collection, with day and evening sales totalling US$531 million.
• 7 of the year’s top 10 lots were sold by Sotheby’s, topped by Klimt’s Portrait of Elisabeth Lederer from the Lauder Collection, which achieved US$236.4 million, becoming the second most expensive painting in auction history.
   
• Sotheby’s inaugurated its new global headquarters at The Breuer Building in New York with six 100%-sold auctions, totalling US$1.17 billion.
• Across these opening sales, Sotheby’s sold US$843 million of modern art in one week, a new weekly record for the company.
• In September, three auctions from Pauline Karpidas’s collection in London reached a combined US$137 million, doubling pre-sale estimates.
• The evening sale alone brought in around US$100 million, becoming the most valuable single‑owner sale Sotheby’s has ever staged in Europe (including the UK).
   
• The Exquisite Corpus single‑owner evening sale achieved US$103 million, setting a new record for Surrealist art sold in a single night at Sotheby’s and establishing four new artist auction records.
• Design achieved the strongest results in Sotheby’s history, with New York and Paris Design sales up 65% over 2024.
• December’s Important Design auction in New York totalled US$50.2 million, the highest figure ever for the series worldwide.
• All five of the world’s most expensive Design lots in 2025 were sold by Sotheby’s. At the top was François‑Xavier Lalanne’s Hippopotame Bar, pièce unique, which achieved US$31.4 million, a new auction record for a work of design.

Sotheby’s inaugurated its new global headquarters at The Breuer Building in New York last year

Pauline Karpidas’ collection became the most valuable single‑owner sale Sotheby’s has ever staged in Europe

François‑Xavier Lalanne, Hippopotame Bar | Sold for US$31.4 million

Luxury Sales Highlights
 

• Sotheby’s Luxury division recorded US$2.7 billion in sales – the highest figure in the company’s history.
• In December, Sotheby’s staged its first Collectors’ Week in Abu Dhabi, the first auctions ever held in the city by an international auction house. Bidders from 35 countries took part, 23% of buyers were from the UAE, 28% were new clients, and around 30% of bidders were under 40.
   
• Watches delivered their strongest year on record. 
• December’s Important Watches sale in New York achieved a white‑glove result, with all 188 lots sold for nearly US$42.8 million. Each lot attracted an average of 16 bidders, and a total of eight lots sold for over US$1 million.
• At Collectors’ Week in Abu Dhabi, a complete set of four Patek Philippe Star Caliber 2000 pocket watches realised US$11.9 million, becoming the second most valuable watch ever sold at Sotheby’s.
   
• Jewelry sales rose around 18% compared with 2024.
• Sotheby’s set a new record for the most valuable handbag ever sold at auction when Jane Birkin’s original Hermès Birkin achieved €8.58 million (US$10.1 million).
• Birkin’s Le Voyageur bag followed at US$2.85 million, making it the second most valuable handbag at auction.
   
• RM Sotheby’s, the group’s Motor Cars division, surpassed US$1 billion in annual sales for the first time.
• The 1954 Mercedes‑Benz W 196 R Stromlinienwagen sold for €51.2 million (around US$53.9 million), making it the second-most expensive car in auction history.
• A McLaren F1 LM achieved US$19.8 million, becoming the most expensive McLaren road car ever sold at auction.

Sotheby’s held its first Collectors’ Week in Abu Dhabi

Patek Philippe Star Caliber 2000 | Sold for US$11.9 million

Jane Birkin’s original Hermès Birkin | Sold for €8.58 million

Asia Highlights

• By bidding volume, the three most sought‑after categories in Asia were: Watches, followed by Jewelry and Chinese Works of Art. Watch auction totals rose 10% year‑on‑year.
• Rao Jie’s Calligraphy in Cursive Script sold for HK$250 million, making it the most expensive lot sold in Asia in 2025, and setting a new auction record for calligraphy at Sotheby’s.
• Two marquee single‑owner sales, Masterpieces of Asian Art from the Okada Museum of Art and The Ise Collection, delivered outstanding results: Okada Museum: HK$690 million (100% sold); Ise Collection: HK$359 million (99% sell‑through rate)
   
• Asia auction records for artists: Marc Chagall, Günther Förg, Henry Moore
• Work records: Katsushika Hokusai’s Under the Wave off Kanagawa (The Great Wave); Louise Bourgeois’s Hommage à Baudelaire No. 5 (artist record for a work on paper)
• In terms of total auction sales by artist in 2025, the top three in Asia were: Alberto Giacometti, KAWS, and Yayoi Kusama
• By number of lots sold, the top three artists were: Tamie Okuyama, Dragon Ball print and original drawing series, and Henry Moore
   
• Since the opening of Sotheby’s flagship gallery at Landmark Chater House two years ago, monthly sales at both private sales and Sotheby’s Salon have shown double-digit growth (10%).
• Private sales volume has more than doubled, with total sales up nearly 40% compared with 2024.
• Over 70% of new buyers in Asia first engaged with Sotheby’s through private sales.
• The retail-focused Sotheby’s Salon drew nearly 25% of young collectors, with watches, jewellery, and handbags the leading categories

Rao Jie’s Calligraphy in Cursive Script | Sold for HK$250 million

The Masterpieces of Asian Art from the Okada Museum of Art Sale achieved outstanding results

Monthly sales at both private sales and Sotheby’s Salon have shown double-digit growth