London’s traditionally vibrant summer art season is facing a significant challenge in 2025, marked by a precipitous decline in auction sales that has left the market feeling, as one observer put it, “pretty sleepy.”
The final week of June 2025 provided a stark illustration of this downturn. Coinciding with an unofficial art week atmosphere that included high-profile social events such as the Serpentine’s annual summer party – attended by notable figures like artist Arthur Jafa and billionaire Michael Bloomberg – the city’s major auction houses hosted their key Modern and contemporary art sales.
A Dramatic Contraction in Sales
The most compelling evidence of the market’s contraction comes from a direct comparison of sales figures over the past decade. In 2015, the June evening sales at Phillips, Christie’s, and Sotheby’s collectively generated a robust $622.8 million. This figure, adjusted for inflation, represented a high point for London’s summer auctions. Fast forward to June 2025, and the picture is dramatically different.
Across all Modern and contemporary sales held by the same three major houses this year, the total revenue amounted to a mere $134.2 million. This represents a staggering 78.4 percent decrease compared to the 2015 peak. The scale of this decline underscores the challenging environment currently facing the London art market, reflecting a significant cooling of collector demand at the highest levels during this crucial sales period.
Navigating a Challenging Environment
The substantial drop in sales volume and value indicates that macroeconomic factors, shifts in collector confidence, or perhaps a scarcity of truly market-moving consignments are impacting liquidity and spending within the high-end art sector. While social events like the Serpentine party maintained their usual buzz, the quietude described in the salesrooms paints a contrasting picture, highlighting the disconnect between the social circuit and the hard realities of market performance.
Despite the overall slump, the market was not entirely devoid of positive moments. Select individual pieces managed to achieve strong results, proving that demand for exceptional works persists even in a challenging climate. Notably, Jenny Saville’s powerful painting Juncture (1994) stood out, selling for a significant $7.3 million at Sotheby’s. Such results, while infrequent within the broader context of the sales, demonstrate that quality and provenance can still command premium prices.
Initiatives for Renewal
In an effort to stimulate activity and draw attention to other segments of London’s diverse art ecosystem, a new initiative launched this week. Called Classic Art London, this program is scheduled to run from June 23 to July 4. Its primary objective is to shine a spotlight on pre-contemporary art galleries, offering a counterpoint to the often dominant focus on Modern and contemporary works during the summer season.
This new initiative steps in after the cessation of London Art Week, which concluded last year. The discontinuation of London Art Week was reportedly due to a lack of funding, underscoring the financial pressures and organizational challenges that can affect even established art market events.
Looking Ahead
As June 2025 draws to a close and the city grapples with the implications of these disappointing sales figures, London’s summer art calendar is set to continue. The focus will shift in the coming week with the scheduled Classics Week auctions. These sales, typically featuring Old Masters, antique sculpture, and historical artifacts, will offer another test of market resilience in a different collecting category.
The dramatic 78.4 percent drop in Modern and contemporary art sales from 2015 levels serves as a stark indicator of the current difficulties. Whether initiatives like Classic Art London can foster new interest, or if the upcoming Classics Week auctions will fare better, remains to be seen. For now, London’s summer art market is undeniably in a period of significant adjustment, far removed from the buoyant conditions seen a decade ago.
