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How to invest in art · lesson 3 of 20
Auctions and the evening sale calendar
Three houses set the public prices for the great masters: Christie's, Sotheby's and Phillips. For 2025 Christie's reported global sales of $6.2 billion, Sotheby's preliminary consolidated sales of $7.1 billion and Phillips $927 million. These are figures released by the companies themselves, not certified market data.
New York is the centre of it all. In 2025 all ten of the most expensive lots sold at auction anywhere in the world were hammered down there, and the United States accounted for 78% of the value of the segment above $10 million (Art Basel and UBS Art Market Report 2026).
Timing counts too. The May and November evening sales in New York carry the most important lots, with London, Paris and Hong Kong behind them. If your painting misses the right evening, the next chance may come six months later.
Questions
1. In which city were all ten of the most expensive lots of 2025 sold?
New York
Source: the Art Basel and UBS Art Market Report 2026.
2. In which months are the major New York evening sales held?
May and November
These are the two seasons when the most important lots come up.
3. How should you read the annual sales figures announced by auction houses?
As figures released by the companies themselves
They are the auction houses' own numbers, useful but not verified by a third party.
Continue from lesson 4
How to invest in art: an online course in 20 short lessons with quizzes and a final certificate, on Unicorn Academy.
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- Le aste e il calendario delle serate (Italiano)
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