The headline says 29.5%. The market says 5.4%.
Reported turnover across the panel rose 29.5% in US dollars. Nearly four fifths of that increase came from one annual sale changing sides of the year and from currency translation. Separate those, and the market grew 5.4% in the currencies it actually transacted in. Twenty-three pages of evidence for how we got there.
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The half in five numbers
Verified panel
- H1 2026 turnover
- $16.43M
- Constant currency, ex-Bonhams
- +5.4%
- Sell-through
- 62.4%
- Q2 turnover, year on year
- -5.4%
- Named artists sold
- 2,149
Ten auction houses - 74 sale events - 11,769 lots offered, 7,338 sold (premium-inclusive where reported).
Figure 1.1 - Turnover bridge
Where the additional $3.74M came from
The two grey additions are real dollars in the headline, but they are not underlying market growth. The Bonhams calendar shift explains 49.2% of the gain; restating at comparator-half exchange rates removes a further $1.21M.
What remains is about $0.69M - 5.4% - of underlying growth.
| Segment | Value, $M |
|---|---|
| H1 2025 TURNOVER | 12.69 |
| BONHAMS SALE IN H1 | +1.84 |
| CURRENCY TRANSLATION | +1.21 |
| UNDERLYING GROWTH | +0.69 |
| H1 2026 TURNOVER | 16.43 |
The key findings
Four signals from beneath the headline
Each finding in the report states the number, the interpretation, and the boundary of the evidence.
Nearly twice the prior-half count, while the band's share of value fell slightly. More works reached six figures and no single result dominated.
Figure 2.1 - USD thresholds move with exchange ratesThe ten largest named artists took 40.3% of attributed turnover, down from 52.6%. Value spread across more names - 2,149 artists sold at least one lot.
Figure 1.3 - Depth, not proof of more biddersQ1 carried the entire gain. Q2 fell below Q2 2025 on 1.3% fewer lots offered, and sell-through declined from 63.0% to 59.7%.
Figure 2.3 - Clearance is the cleaner signalBonhams' annual London African sale moved from October 2025 to March 2026. Its $1.84M accounts for almost half of the reported increase.
Figure 1.1 - House coverage is thin by constructionConfidence attached to a number matters as much as the number.
Inside the report
Twenty-three pages, read in layers
Start with the executive read, then move from market direction to price structure, artist signals, and the evidence register. Nine figures and one table, each with its scope stated.
- Executive readThe adjusted number, six findings, decisions
- Market pulseFigures 1.1 - 1.3
- Price and liquidityFigures 2.1 - 2.4
- Names and structureFigure 3.1 - Table 3.1
- Data registerCurrency, attribution, price basis
- Outlook and methodConfirmed H2 calendar, watch list
What the download gives you
- The full turnover bridge, quarter pulse and price-band tables behind the adjusted 5.4%.
- The twelve-artist movers table, read with lot counts - depth, thin gains and withdrawn supply separated.
- Whole-tape resale medians by entry tier, including the 0.56x six-figure round trip.
- The data register: four named blind spots, the 15.7% attribution gap, and how to reproduce every figure.
H1 Report 2026 - PDF - 23 pages
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