Exploration of Technological Innovation and Market Strategy of Auction Houses

Abstract

The global art auction market has long been dominated by two major auction houses, Christie's and Sotheby's, whose global networks and expertise in high-end art transactions have established their leading position. However, in recent years, the rise of the Chinese market has injected new vitality into the global art auction landscape. Although local competitors such as China Guardian and Poly Auction have performed well in regional markets, they face cultural and economic context constraints in their global expansion. This study reviews the latest developments in the art auction industry, with a particular focus on the strategic choices of auction houses and potential opportunities for international competition, while exploring the profound impact of technological innovation on transaction efficiency, market expansion, and customer experience. The study found that Western auction houses rely on diversified asset portfolios and technological innovation to maintain their global advantages, while Chinese auction houses attract emerging consumer groups through specialization in traditional art fields and digital tools. However, the rapid development of technology may invalidate some of the research conclusions, and it is recommended to conduct long-term research in the future to reveal the continued impact of technological changes on the auction industry.