Luxury Auction Houses of London

Auction houses have long provided exciting, engaging, and unique opportunities to invest in beautiful pieces, while also offering a fascinating glimpse into history. There’s a thrill in the room when you find yourself bidding on a piece you’ve fallen in love with. From art and antiques to fine jewellery and rare wines, London is home to some of the world’s most renowned luxury auction houses, making it the perfect destination for those looking to experience a world of exquisite items.

Even if you have no intention of bidding, the atmosphere and grandeur of these auction houses, steeped in history, offer an unparalleled cultural experience.

A Historical Glance at Auction Houses

The tradition of art auctions dates back to Roman times when sales were often held to resolve cases of insolvency or to dispose of war loot and slaves. This practice continued through early Christian Europe but seemed to disappear by the Middle Ages.

It wasn’t until the mid-1600s that art auctions re-emerged, taking place in the coffeehouses and taverns of London and Paris. The first formal auction house in Europe, Stockholms Auktionsverk, was established in Sweden in 1674, and shortly after, London sparked the modern age of art auctions with the sale of Edward, Earl of Oxford’s art collection. This event led to the creation of two of the most famous auction houses: Sotheby’s in 1744 and Christie’s in 1766.

The Rise of Art as an Investment

Sotheby’s revolutionised the way auctions were held by transforming them into glamorous, celebrity-filled events. With an audience there for both the art and social prestige, the competitive energy of bidding intensified. By the 1980s, art had shifted from being simply a cultural treasure to a serious alternative investment. Notably, Japanese buyers played a pivotal role in this market boom due to the revaluation of the yen in 1985.

The 1990s saw British collector Charles Saatchi’s patronage and the opening of Tate Modern in 2000, further propelling contemporary artists to prominence. Today, the global art market is worth an estimated $60 billion.

London’s Premier Auction Houses

Sotheby’s

Founded in 1744, Sotheby’s is the world’s oldest and largest international fine art auctioneer. Initially established by Samuel Baker to sell rare books, it quickly grew into a global powerhouse. Sotheby’s transformed the art auction scene in the 1950s with celebrity-packed events that redefined how auctions were perceived. Today, the house offers a broad range of categories, including contemporary art, jewellery, wine, watches, and even collectible cars.

Notable sales include Rubens’ The Adoration of the Magi and more recently, Edvard Munch’s The Scream. In 2016, Sotheby’s held a landmark auction of the private collection of music icon David Bowie. Amid the COVID-19 pandemic, they were the first to successfully transition to a hybrid digital auction model.

Christie’s

Established in 1766, Christie’s has long been synonymous with luxury auctions. It was founded by James Christie and held its first sale on 5th December 1766 in London. Christie’s is now a global institution, with salerooms across major cities such as New York, Paris, and Hong Kong. Known for its historical significance, Christie’s has handled many high-profile auctions over the centuries, including the sale of Van Gogh’s Vase with Fifteen Sunflowers in 1987, and more recently, Leonardo da Vinci’s Salvator Mundi, which fetched $450 million in 2017.

Beyond auctions, Christie’s offers various educational programmes, including Art Business and Luxury Masterclass Certificates. They are also a shareholder in the Art Loss Register, a database for tracing and recovering stolen art.

Bonhams

Bonhams, founded in 1793, has its roots in Covent Garden and is renowned for its rich history. Over the centuries, Bonhams has built a reputation for offering an eclectic range of items from fine art to motor cars. One of their most famous sales took place in 2014, when a Ferrari 250 GTO Berlinetta sold for over $38 million, setting a world record for a car sold at auction.

With a global presence, Bonhams operates two major London venues, and salerooms in LA, San Francisco, and Sydney. The auction house specialises in private collections, and past notable auctions have featured items from the estates of Richard Attenborough, Lauren Bacall, and Michael Caine.

Upcoming Auctions in 2024

As we move into 2024, here are some of the most anticipated auctions across London’s top luxury auction houses:

• Bonhams
  • Old Master Paintings (25th September – 2nd October)
  • London Luxury: Handbags and Fashion (26th September – 8th October)
  • Modern & Contemporary African Art (16th October)
  • Fine and Rare Wines (28th October – 12th November)
• Sotheby’s
  • Contemporary Evening Auction (9th October)
  • Arts of the Islamic World and India (23rd October)
  • Finest & Rarest Whisky (18th October – 1st November)
  • Collector Cars (2nd November)

London’s auction houses offer more than just an opportunity to invest in extraordinary items – they offer a glimpse into history, artistry, and culture. Whether you are a seasoned collector or simply someone curious about the world of luxury auctions, visiting these renowned houses is a must.