Record-breaking auction sales

Yesterday, Tuesday, 19 November, saw the close of the exceptional sale Mica: The Mica Ertegun Collection Part I, followed by the evening sale of 20th-century works totalling $183.9 million. Magritte's L'empire des lumières ($121.1m) became the most valuable Surrealist work ever sold at auction. Seven records were set at this sale.

Another highlight, Magnificent Jewels from a Private Collection, launched on 18 November and to be held in New York on 10 December, promises some exceptional sales, including one of the most important collections of jewellery by Suzanne Belperron ever sold at auction, including a bracelet that once belonged to Diana Vreeland. According to Claibourne Poindexter, jewellery specialist at Christie's, this ensemble, patiently built by an American collector, reflects ‘(...) the art of jewellery collecting through the discerning eye of an American collector who considers jewellery to be a true art form’.

A rare Patek Philippe Nautilus Ref. 5711/1500A in fully engraved steel will be sold at the gala dinner on 25 November in Geneva during the Children Action charity sale, under the direction of Aurel Bacs de Phillips. The entire proceeds from the sale of the watch, which will inevitably amount to several million francs, will be donated to Children Action.

Christie's in Geneva also achieved a record sale a few days ago: the Aga Khan emerald was sold on 12 November at Christie's in Geneva for 7,765,000 Swiss francs, or 8,859,865 US dollars, 55 years after it was offered at the first jewellery auction organised by Christie's in Switzerland. This record surpasses the one set by the legendary Bulgari emerald, given to Elizabeth Taylor by her husband Richard Burton, which sold for $6.5 million in 2011.

The Conseil des Maisons de Vente, the sector's regulatory authority, publishes its key figures every year.

Last year, in France alone, the market grew by 7.1% on the previous year. The total amount auctioned - all categories combined - reached an all-time high of €4.690 billion. The auction market has been buoyant throughout the last decade, with an average growth of 7.5% over the last ten years.

It is interesting to consider a number of factors that show how this market has evolved over time: last year, the number of foreign buyers increased by +3%, with sales totalling €1.6 billion. The ‘Fashion and Accessories’ category has been increasingly present: +55% in 2023 compared to the previous year; this figure should increase further in 2024. The ‘Jewellery and Silverware’ category is also on the rise: +5% in 2023, with sales valued at 256 million euros.

Buyers increasingly turn to the internet: online sales account for €3.4 billion of all transactions.