With nearly $18-billion haul, this was best year for auction houses

It’s been a banner year for the auction houses. Christie’s, Sotheby’s and Phillips have just released superlative-filled yearend reports. Christie’s global sales hit $8.4 billion, the highest annual total in art-market history, the auction house claims.

Sotheby’s was close behind with $8 billion in sales, also its highest (though it comes with some major caveats) and the much smaller Phillips reported its best year ever too, with a final tally of $1.3 billion.
 

But a note of warning: This record year might say more about the nature of the auction house business than the art market itself.

Sotheby’s total,