Boom in tech wealth is fueling record prices for dinosaur bones, art and watches, auction houses say
The major auction houses racked up nearly $10 billion in sales in the first half, marking one of the strongest-ever starts to the year as the wealthy gained confidence from soaring financial stock markets. Sotheby's reported its best first half ever, with $4.4 billion in sales, up 58% from last year and marking a record for the 282-year-old auction house. Christie's had its best first half since 2021, reporting sales of $4.5 billion, up 71%. Phillips, Heritage and other auctioneers also had breakout starts to the year. There were eight lots that sold for more than $50 million in the first half, compared with none in 2024 and 2025, according to Artnet. Auction executives and dealers say the explosive rebound in the art market, following nearly three years of declines, is being driven largely by the massive wealth creation from the artificial intelligence boom, IPOs and rising stocks. "The numbers mean there is confidence in the market," Christie's CEO Bonnie Brennan said at the Christie's Art + Tech Summit last week. "There are people willing to sell great objects and there are people spending great amounts of money to acquire those special one-of-one works." Added Sotheby's CEO Charles Stewart: "The wealth being created now is the number one factor in our business right now. It's obviously very visible when you sit here in New York and talk about the SpaceX IPO and these different tech IPOs coming and the AI fever." While the dollar totals are being driven largely by a select group of hyper-priced works at the very top of the market, the strength is across the board, in almost all price points and almost every category. Fine art, classic cars, watches, handbags, diamonds, whiskey and even dinosaur bones are all seeing new records. Leading the first half was a Jackson Pollock drip painting, titled "Number 7A, 1948," which sold for $181 million at Christie's. The work, considered one of Pollock's most epic and defining works, had previously been owned by media magnate and collector S.I. Newhouse, which added to its appeal. A Brancusi sculpture also previously owned by Newhouse went for $107.6 million. A new wave of younger collectors, many from the tech world, is also redefining collectibles. In classic cars, 1950s and 1960s sports cars used to dominate the price charts. Now supercars from the 1990s and 2000s are the hottest sellers. Watches are gaining in popularity among tech bros. Phillips in Association with Bacs & Russo reported $235 million in watch auctions in the first half, marking its largest ever. The strong bidding stretched across its auctions in New York, Geneva and Hong Kong. While Patek Philippe remains strong, young collectors are battling over pieces from more rarified, independent brands. The priciest watch sold in the first half was an F.P. Journe Souscription Résonance, which went for $13.9 million. Mark Zuckerberg has become one of the most high-profile devotees of F.P. Journe in recent years, and has sported seven-figure F.P. Journes in public. Brennan said 30% of the buyers in the first half were new to Christie's, with 47% of them millennials or younger, and that 85% of bids were placed online.