The Art Basel and UBS Survey of Global Collecting 2024 reported that sales in the first half of 2024 at major houses were down 26 percent, year to year. In mid-December, Sotheby’s laid off more than 100 employees after New York sales in November earned less than half compared to 2023.

1. New HQs in HK

In the last two years, the four main international art auction houses (Christie’s, Sotheby’s, Phillips, and Bonhams) have all established new Asia headquarters in Hong Kong. Phillips was the first, in 2023, opening opposite to M+ on the ground floor of the West Kowloon Cultural District Authority Tower. In 2024, the others showcased their new real-estate and sales strategies.