The top auction houses in the world have long served as important for buying and selling rare, valuable, and historically significant items. As the premier platforms for trading art, antiques, collectibles, and luxury goods, the world’s leading auction houses wield immense influence in the broader art market and cultural landscape.
But what exactly makes an auction house top-tier, and which are the cream of the crop? This comprehensive guide explores the key factors in evaluating the premier global auction houses.
Definition of an Auction House
Before diving into the rankings, we must first understand – what is an auction house? Auction houses are establishments that facilitate the buying and selling of goods through competitive bidding. An auctioneer leads the proceedings, working to obtain the highest bids from interested parties in the room or online.
Once the final bid or “hammer price” is struck, the winning bidder purchases the item. The seller receives the hammer price minus the auction house’s fees or “buyer’s premium.” Auction houses specialize in handling the appraisal, marketing, and sale of high-value items like fine art, rare collectibles, luxury goods, manuscripts, and jewelry.
History and Evolution of Auction Houses
Auction houses emerged in the 17th century, with early pioneers Christie’s and Sotheby’s founded in London in 1766 and 1744 respectively. They initially sold antiquities, books, and manuscripts. Over centuries, the range of luxury items expanded, and global auction market share concentrated heavily between Christie’s and Sotheby’s.
More diversity entered the industry in the later 20th century. Players like Bonhams, founded in 1793, and relative newcomer Phillips, established in 1996, emerged as alternatives. The 21st century brought online platforms into play, with houses integrating digital channels into live sales. While Christie’s and Sotheby’s still dominate, the field has diversified.
Factors in Ranking Auction Houses
Several key factors determine an auction house’s standing and reputation:
- Longevity and sales history
- Annual sales revenue
- Diversity of art and objects auctioned
- Global reach and locations
- Notable collections handled
- Record sale prices achieved
- Buyer & seller service and commission rates
- Digital integration and innovation
When ranking the top auction houses in the world, we weigh these factors holistically. An exceptional performance in one area alone is not enough – the highest caliber houses boast strengths across the board.