A version of this article first appeared in CNBC’s Inside Wealth newsletter with Robert Frank, a weekly guide for high-net-worth investors and consumers. Sign up to receive future editions delivered directly to your inbox. Christie’s art company’s incoming chief executive says the goal is to tap the next generation of wealth through online auctions, digital art and luxury goods. Bonnie Brennan, president of Christie’s Americas and CEO on February 1, said in an exclusive interview with CNBC that changes in wealth demographics are driving new approaches to the auction business. Brennan, who has been with the auction for 13 years, will succeed chief executive Guillaume Cerutti, who remains chairman, and will take on a new role overseeing Artémis’ artistic and cultural activities. Brennan said more than a quarter of Christie’s buyers and bidders in the Americas are now millennials or younger. The surge of young buyers has also shifted growth to online sales, with 81% of all Christie’s bids in 2024 coming from online channels. “There’s been a huge increase in the number of Millennial and Gen Z buyers,” Brennan said. “We need to make sure we’re listening well to what they’re interested in.” The auction house’s luxury goods business — which sells everything from handbags to watches to jewelry — has been a big source of new business for young collectors, These collectors often turn to art. Digital art and sales of non-fungible tokens (NFTs) will also make a comeback, Brennan said, as cryptocurrencies are experiencing a resurgence in value and popularity, especially among people under 40. In 2021, Christie’s sold a digital art work by artist Beeple for US$69 million, marking a historic moment in the art world and the peak of the NFT craze. Since then, the value of digital assets has plummeted, leading to widespread losses and accusations of fraud and market manipulation. “We went through this cryptocurrency winter, and after Beeple, we didn’t have that many NFTs,” Brennan said. “But as the cryptocurrency market stabilizes and sees some green shoots, I still believe there’s still a long way to go there.” Another big attraction for young collectors is celebrity collecting. Christie’s auction house sold a collection of items once owned by Elton John, including his car, piano and silver platform boots, for $94,500, with a total value of more than $20 million. “Celebrity sells well in America,” Brennan said. The transfer of wealth from older to younger generations is reshaping the wealth management, luxury goods, and especially auction and collection markets. As part of the “Great Wealth Transfer,” more than $100 trillion is expected to be passed on to younger generations and women in the coming decades. Coupled with the growing earning power and technological wealth of those in their 30s and 40s, the collectibles market, which has been driven by baby boomers for years, is changing dramatically. Brennan said that geographically, the United States will continue to be an important engine for Christie’s growth, accounting for 42% of the company’s auction sales last year. Brennan’s appointment as chief executive after four years as president of the Americas was seen as confirmation of the U.S.’s importance in the global auction market, especially as China’s economy struggles. “The United States is sometimes underestimated, but the backbone and stability of our market every season really comes from Americans,” she said. Brennan said that in addition to attracting younger buyers and growing in the United States, Christie’s is also looking to expand its use of artificial intelligence. She said Christie’s now mainly uses artificial intelligence tools to perform human resources functions and help answer common questions from customers. Over time, she hopes to use artificial intelligence to “enhance the customer experience” and perhaps even help evaluate and authenticate art. “It’s a useful tool; it doesn’t replace people,” she said. “We also need the expert perspective. But artificial intelligence will provide some very good data to look at and review as an enhancement.” Brennan said the strong momentum in the second half of 2024 is expected to continue or even accelerate this year. According to ArtTactic, global auction sales fell 25% to $8.3 billion in 2024, down 40% from the peak in 2022. billion, a year-on-year decrease of 16%, and total private sales reached US$1.5 billion, an increase of 41%. Art experts say the biggest drag on the market last year was not buyer demand but a lack of outstanding works for sale. Christie’s said its “sell-through rate” – the percentage of lots sold – was 86% in 2024. “L’empire des lumières” by Rene Magritte. It was the only work to sell for more than $100 million at auction last year. Brennan said 2025 is already showing signs of increased seller confidence. “We’ve been receiving a lot of information from our customers, which tells me the market is going to be strong in the spring,” she said. “You never know what’s going to happen, but I feel really good about the year, especially the first half.”
A version of this article first appeared in CNBC’s Inside Wealth newsletter with Robert Frank, a weekly guide for high-net-worth investors and consumers. Sign up To receive future editions delivered directly to your inbox.
Christie’s art company’s incoming chief executive says the goal is to tap the next generation of wealth through online auctions, digital art and luxury goods.
