Boom in tech wealth is fueling record prices for dinosaur bones, art and watches, auction houses say - CNBC

What the report says

CNBC reported that major auction houses posted nearly $10 billion in combined sales in the first half of the year, one of the strongest starts on record for the sector. Sotheby’s said sales reached $4.4 billion, up 58% from a year earlier and its best first half, while Christie’s reported $4.5 billion, a 71% increase and its strongest first half since 2021. Phillips, Heritage and other auctioneers also saw strong starts, according to the report.

The rebound follows a period of weakness in the art market and is being linked by auction executives and dealers to rising financial markets, artificial intelligence-related wealth creation, IPO activity and broader confidence among high-net-worth buyers. CNBC cited Artnet data showing eight lots above $50 million in the first half, compared with none in 2024 and 2025. Top sales included Jackson Pollock’s “Number 7A, 1948” for $181 million and a Brancusi sculpture for $107.6 million, both at Christie’s.

CNBC said demand is expanding beyond traditional fine art into watches, classic cars, handbags, diamonds, whiskey, sports memorabilia and fossils. Sotheby’s sold a Tyrannosaurus rex specimen named “Gus,” excavated in South Dakota and estimated at 67 million years old, for $50.1 million, described as the highest auction price for a fossil. The buyer was not identified.

Auction houses also described a younger collector base, including buyers from the technology sector. Christie’s said 30% of first-half buyers were new clients, with nearly half of those millennials or younger, and that most bids were placed online. The trend matters because it suggests new wealth is reshaping what counts as a collectible and helping reset prices across luxury auction categories.