The global art market was valued at $67.4 billion in 2018, the second highest year ever. The United States, United Kingdom and China are the three largest art markets. Their sales combined make up 84% of the global art market. The auction house is one of the biggest drivers of the art market. Sales at public auctions exceeded $29 billion last year. Two auction houses — Christie's and Sotheby's — compete head to head each year, capturing more than 40% of global auction sales.
Visitors look at a painting entitled 'Salvator Mundi' by School of Leonardo da Vinci during a press visit of the exhibition "Leonardo da Vinci" at the Louvre museum on October 22, 2019 in Paris, France. The painting sold at auction by Christie's for over $450 million on November 15, 2017.Christie's and Sotheby's have rich histories. Sotheby's was founded in London in 1744 as a bookseller.
Christie's was also founded in London and arrived shortly after Sotheby's in 1766. Christie's has offices in 46 countries with 10 auction locations and hosts about 350 auctions across over 80 categories each year.
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