For the past few years, the axis of the art world has been shifting away from the West. Auction houses have been at the forefront of embracing that change.
There have been numerous reasons behind the shift. The ongoing war with Ukraine and the subsequent sanctions have made Russian oligarchs – one of the favorites of auction houses – no longer a player in the race. The increasing focus of Western galleries on provenance, while a positive move, has also slowed down the competition. Meanwhile, Hong Kong has emerged as a strong alternative, followed by emerging Asian territories like Japan and India. At the same time, Saudi Arabia and the UAE have also been betting big to make the Middle East a new hub for art collectors.
Sotheby’s made the biggest changes in 2024, thanks to Patrick Drahl’s decision to put his house in order. In major staff changes, the auction house reinforced its leadership in Asian offices by bringing in big names in Asian art. The auction house also announced that it will host the first-ever international art auction in Saudi Arabia in 2025, cementing its foothold in the Middle East. The decision came after Abu Dhabi-based ADQ invested $1 billion in the auction house, becoming the largest minority stakeholder in it. But that is not to say that Sotheby’s completely ignored its Western front; it recently relocated to a new headquarters in Paris, once home to the famed Galerie Bernheim-Jeune. However, its decision to lay off 50 employees in London and 100 employees in New York seems to indicate the kind of direction Sotheby’s would be taking.
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For Christie’s, it was the year of seeing how its Asian gamble paid off. Its first 20th-21st Century evening sale at its new Hong Kong headquarters did not show promising results. Nonetheless, the auction house continued moving forward with the first outpost in Riyadh, Saudi Arabia, thus also entering the blossoming Middle Eastern art market. Phillips, the third major auction house, did not have a similar promising year. First, its CEO Stephen Brooks resigned at the beginning of the year. This was followed by a series of unimpressive auctions across the globe – including in Hong Kong.