2021 private sales at Sotheby's and Christie's increased by 4% and 5% respectively, while public auction sales fell by 19%, driven by high-net-worth individuals seeking privacy.
Wealthy buyers and sellers are increasingly opting for private sales and off-market listings, as "quiet wealth" gains popularity, with discretion being key. Last year, private sales at Sotheby's and Christie's increased by 4% and 5% respectively, while public auction sales fell by 19%. Experts attribute this shift to high-net-worth individuals seeking privacy in purchasing mansions, art, and classic cars.
May 17, 2024
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