Tech wealth auction prices lift art, watches and dinosaur fossils

Tech wealth auction prices are climbing as gains tied to artificial intelligence, IPOs and public markets spill into collectibles, according to major auction houses. For retail investors, the trend is a useful read on the wealth effect: when asset values rise, wealthy buyers often become more willing to spend on scarce items outside stocks and bonds.

The biggest auction houses generated nearly $10 billion in sales during the first half of the year, one of the strongest starts on record, CNBC reported. Auction houses said demand was broad, reaching fine art, classic cars, watches, handbags, diamonds, whiskey and dinosaur fossils.

Sotheby’s reported $4.4 billion in first-half sales, up 58% from a year earlier and its strongest first half in the auction house’s 282-year history. Christie’s reported $4.5 billion in sales, up 71%, its best first half since 2021. Phillips, Heritage and other auctioneers also posted strong starts, according to CNBC.

Why is tech wealth pushing auction prices higher?

Auction executives and dealers told CNBC that new money from the AI boom, coming tech IPOs and rising stocks has helped revive the art market after nearly three years of declines. In plain terms, the same market gains that raise portfolio values can also make sellers more confident about offering rare items and buyers more willing to compete for them.

Christie’s CEO Bonnie Brennan said at the Christie’s Art + Tech Summit that the figures show “confidence in the market,” adding that sellers are bringing out major objects and buyers are spending large sums for unique works. Sotheby’s CEO Charles Stewart pointed to current wealth creation as the top driver for the business, citing tech IPOs and “AI fever.”

Artnet said eight lots, meaning individual items offered for sale, topped $50 million in the first half. There were no sales above that level in 2024 or 2025, according to Artnet.

The top first-half sale cited by CNBC was Jackson Pollock’s “Number 7A, 1948,” which sold at Christie’s for $181 million. A Brancusi sculpture previously owned by media executive and collector S.I. Newhouse sold for $107.6 million.

What are younger collectors buying?

Auction houses said younger buyers, many from the technology sector, are changing which collectibles draw the strongest demand. In cars, CNBC reported that 1990s and 2000s supercars are now leading interest, while 1950s and 1960s sports cars once dominated the highest prices.

Watches are another bright spot. Phillips in Association with Bacs & Russo reported $235 million in first-half watch auction sales, its highest total ever, with strong bidding in New York, Geneva and Hong Kong. CNBC reported that Patek Philippe remains in demand, while younger collectors are also competing for rarer independent brands.

The highest-priced watch in the first half was an F.P. Journe Souscription Résonance, which sold for $13.9 million. CNBC noted that Meta CEO Mark Zuckerberg has publicly worn seven-figure F.P. Journe watches in recent years.

How did dinosaur bones become a record auction category?

Dinosaur fossils have become a high-end collectibles category because they are rare, recognizable and difficult to replicate. Sotheby’s sold a Tyrannosaurus rex fossil specimen named “Gus” for $50.1 million this month, making it the most expensive fossil ever sold at auction, according to CNBC.

Gus was found in the South Dakota badlands and is estimated to be 67 million years old. Sotheby’s said seven bidders competed for the 38-foot-long fossil for 10 minutes, and Stewart said institutions as well as individuals were involved. The buyer has not been identified.

The sale followed Sotheby’s 2024 auction of a stegosaurus named “Apex,” which hedge fund billionaire Ken Griffin bought for $44.6 million. CNBC reported that Apex is on loan to the Museum of Natural History.

Sports and pop-culture items are also drawing high prices. Sotheby’s sold a Jalen Brunson jersey worn in Game 1 of the NBA Finals against the Spurs for $1.024 million after the New York Knicks won the championship, according to CNBC. A black Tom Ford leather jacket worn by Nvidia CEO Jensen Huang at a Foxconn event in Taiwan in 2023 sold for $960,000, far above its $40,000 to $60,000 presale estimate, with proceeds going to charity.

This story draws on original reporting from CNBC.