From Public Auctions, to behind Closed Doors..

In a world so often driven by spectacle, it’s easy to imagine the art market as a stage, auctions as drama, bids as applause. But recently, a quieter shift has taken place. The art world is beginning to move inward.

What used to be front-row theatre, the grandeur of public auctions, the flash of record-breaking hammer prices, is slowly being replaced by something more discreet: private sales.

While traditional auctions have long been seen as the heart of the art economy, the reality in 2024 tells a different story. Private sales, those brokered quietly behind closed doors are no longer a side business. They are becoming the backbone of the market.

Last year, private sales rose by 14%, reaching an estimated $4.4 billion. Christie’s reported a 41% increase in private transactions, hitting $1.5 billion, their highest since the pandemic-era surge in 2020. Sotheby’s also reported growth, with a record $1.4 billion in private sales. Major houses like Christie’s, Sotheby’s, Bonhams, and Phillips are now deeply invested in their private brokerage arms, reflecting how central this channel has become.

In a more cautious economic climate, many collectors are leaning into privacy, flexibility, and discretion. And while public auctions may feel subdued by comparison, the overall energy of the market hasn’t disappeared, it’s just shifted into quieter, more personal spaces.

For collectors, this means tailored opportunities and less exposure. For analysts and curators, it means a reminder: the health of the art market can’t always be measured by what happens under the auctioneer’s hammer.

But this isn’t necessarily a sign that the art world is shrinking. However, art is still being sold, just behind the scenes. In place of the auction room, more collectors are now choosing the privacy and control of a direct sale.

Why Private Sales Are Growing

There are many reasons behind this shift:

• Confidentiality: Buyers and sellers can negotiate quietly, without public attention.

• Control: Prices, timing, and terms are more flexible than in a fast-paced auction.

• Tailored Experience: Collectors can work closely with dealers or specialists to find exactly what they’re looking for — or to place a piece discreetly.

I don’t think this change isn’t about losing interest in art, it’s about changing the way we engage with it.

The Impact on Transparency

One of the biggest concerns in this shift is the growing lack of public data. For years, public auction results have helped set the tone for valuations, market trends, and even artists' career trajectories. As more sales happen privately, those benchmarks start to disappear. It becomes harder to track the true state of the market. Prices become more mysterious. And for emerging artists especially, it becomes harder to build a visible track record of sales and value.

A Global Shift

This move toward private transactions isn’t isolated. Across Europe, the Middle East, and parts of Asia, collectors are increasingly choosing to buy and sell outside of the spotlight. Cultural preferences, economic strategy, and even digital security concerns all play a role in this changing behaviour. Galleries, art advisors, and platforms are responding by adapting their models, offering more bespoke services and expanding private client networks.

The Hidden Impact of Blockbuster Collections

One reason public auction figures can appear volatile is the outsized influence of one-off, blockbuster collections. In 2022, the sale of the Paul G. Allen Collection brought in a staggering $1.62 billion on its own, dramatically inflating that year's totals. By comparison, in 2024 the top 100 auction lots generated $1.8 billion, less than half of 2022’s $4.1 billion benchmark. The truth is, without landmark estates like Allen’s or previous headline-making collections such as Ammann and Macklowe, year-on-year comparisons can paint a misleading picture. A lack of high-profile sales doesn’t necessarily mean the market is shrinking; rather, it may simply reflect a more stable or diversified playing field.

Selections from Paul G. Allen's renowned Billion Dollar Blockbuster Collection, featuring an eclectic array of masterpieces.

What Does This Mean for Us?

At Imaginative Reaction, we believe in keeping the conversation going. The shift away from public auctions is not inherently negative — in some ways, it offers a more personal, human way to share and acquire art. But it also means we need to pay attention.

We need to champion visibility where we can. Support emerging artists whose value might be harder to track, and find ways to make this evolving market feel more accessible, not just to the wealthy few, but to communities and creatives everywhere.

Nick Fraser & Mark O'Shaughnessy 1991 - Limelight Exhibition - Lewisham Library

As the world changes and I continue the Journey my father once set out on with Nick Fraser, the key is to stay grounded in what matters most: connection, creativity, and the courage to adapt and evolve.