The head of Gus, one of the largest Tyrannosaurus rex skeletons ever discovered, was photographed during a press preview at Sotheby’s Breuer Building in New York on July 1, 2026.
Timothy A. Clary | AFP | Getty Images
A version of this article first appeared in CNBC’s Inside Wealth newsletter by Robert Frank, a weekly guide for high-net-worth investors and consumers. Sign up to receive future editions directly to your inbox.
Major auction houses posted nearly $10 billion in sales in the first half of the year, giving the year its best start ever as a rally in financial stocks gave wealthy investors confidence.
Sotheby’s reported first-half sales of $4.4 billion, a record high, an increase of 58% from the previous year, and a record for the 282-year-old auction house. Christie’s had its best first half since 2021, reporting sales of $4.5 billion, up 71%. Phillips, Heritage and other auctioneers also got off to a strong start this year.
According to Artnet, there were eight lots sold for more than $50 million in the first half of the year, but none in 2024 and 2025. Auction executives and dealers say the art market is rebounding explosively after nearly three years of decline, driven in large part by the artificial intelligence boom, IPOs and the huge wealth creation from rising stock prices.
“The numbers mean we have confidence in the market,” Christie’s CEO Bonnie Brennan said at the Christie’s Art+Tech Summit last week. “Some people are willing to sell great items, and others will spend a lot of money to acquire that special one-of-a-kind piece.”
Charles Stewart, CEO of Sotheby’s, added: “The wealth that is being generated right now is the biggest factor in our business right now. If you sit here in New York and talk about Sotheby’s, that’s clearly very clear.” space x IPOs, future IPOs of various technologies, and the AI craze. ”
While totals are primarily driven by a select group of ultra-expensive titles at the top of the market, the strength is across the board at nearly every price point and in nearly every category. Art objects, classic cars, watches, handbags, diamonds, whiskey and even dinosaur bones are all setting new records.
Leading the first half was a Jackson Pollock drip painting titled “Number 7A, 1948,” which sold for $181 million at Christie’s. The work is considered one of Pollock’s most spectacular and definitive works, and the fact that it was previously owned by media mogul and collector SI Newhouse further enhances its appeal. A sculpture by Brancusi, also previously owned by Newhouse, sold for $107.6 million.
A new wave of younger collectors, many from the tech industry, are also redefining collectibles.
When it comes to classic cars, sports cars from the 1950s and 1960s dominated the price charts. Currently, supercars from the 1990s and 2000s are the best-selling cars.
Watches are becoming increasingly popular among the tech fraternity. Phillips, in partnership with Bucks & Russo, reported $235 million in watch auctions in the first half of the year, the largest sale ever. Strong bidding continued at auctions in New York, Geneva and Hong Kong. While Patek Philippe remains strong, younger collectors are vying for rarer pieces from independent brands.
The most expensive watch sold in the first half of the year was the FP Journe Suscription Resonance, which cost $13.9 million. Mark Zuckerberg has become one of the most famous followers of FP Journe in recent years, showing off his seven-figure FP Journe in public.
Mr Brennan said 30 per cent of buyers in the first half were new to Christie’s, 47 per cent of them were millennials or younger, and 85 per cent of bids were made online.
“What we show people and how they interact with Christie’s is evolving,” she says.
One of the hottest new categories is also one of the oldest. It’s a dinosaur bone. Earlier this month, Sotheby’s sold a fossil Tyrannosaurus specimen for $50.1 million, making it the most expensive fossil ever sold at auction. The Tyrannosaurus rex, named Gus, was discovered in a wasteland in South Dakota and is estimated to be 67 million years old.
Gus’ new owner has not yet been identified. However, the sale followed the sale of a Stegosaurus by Sotheby’s in 2024 to hedge fund billionaire Ken Griffin for $44.6 million. The Stegosaurus, named Apex, is on loan to the Natural History Museum.
Nvidia Corp CEO Jensen Huang speaks at the COMPUTEX Forum in Taipei, Taiwan on May 29, 2023.
Anne Wang | Reuters
Stewart said institutions as well as individuals are competing for dinosaur fossils. New riches are being fought for over a piece of prehistoric land, with seven bidders battling it out for gas for 10 minutes. At 38 feet long, Gus’ new home should have either a museum or a very large living room.
“I call it ‘SpaceX to Tyrannosaurus,'” Stewart said. “These people aren’t just making money; they’re looking at market valuations and making judgments about store of value.”
Young tech money is also vying for the value of sports memorabilia and pop culture. Just weeks after the New York Knicks were crowned NBA champions, the jersey worn by Jalen Brunson in Game 1 of the series against the Spurs sold for $1.024 million at Sotheby’s.
Even Jensen Huang’s leather jacket has become a collector’s item. A black leather Tom Ford jacket worn by the Nvidia CEO to a Foxconn event in Taiwan in 2023 sold for $960,000, blowing away its pre-sale estimate of $40,000 to $60,000. Proceeds were donated to charity.
“People are spending money on fun collectible items that they want to own,” said Jeffrey Yin, CEO of Artsy and Artnet.
