Written by Nona Ngwenya
Enter the era of age mates who have accumulated substantial resources to start participating in auctions - but not just art, mon amie, high jewellery and other rare collectibles. In a recent series of breath-wrangling sales amidst the ever quickening dance between luxury and culture, auction houses have taken head priesthood in the ceremonial of bringing heritage, craft and contemporary collector values into a single room.
Knowing a spot has never ranked higher in net value than when the spot became the auction house. Christie’s recently saw a sale of the 30.6 carat, carved cabochon, emerald known as the Shah Jahan for 830 000 dollars (14.2 million ZAR). Over in London, auction house Phillips sold Tiffany’s 42.7 carat Vanderbilt Kashmir sapphire for 3.6 million dollars (61.8 million ZAR) - threefold its estimate while Sotheby’s broke records with the successful auction of Napoleon’s diamond brooch which sold for 4.4 million (75.5 million ZAR) - 29 times its estimate. Still at Sotheby’s, their head of global luxury, Josh Pullan says that a third of their clients buying watches, handbags and spirits are under the age of 40. Over at Phillips, worldwide head of jewellery Benoit Repellin says that millennial clientele have grown 56% over the years. Numbers from Christie’s seal the conversation with records indicating an increase from 32% to 39% in millennial/ gen z female bidders and an increase from 28% to 32% of their male counterparts.
Overall, luxury auctions are having a moment. Eg. Christie’s experienced a 29% annual increase in luxury sales (2025) and consolidated luxury sales at Sotheby’s went from making up 822 million dollars (14.1 billion ZAR) / 14% of sales in 2019 to 2.2 billion (37.7 billion ZAR) / 37% of auction house sales in 2024. - Stats provided by Vogue Business
Undeniably, some major luxury house’s cultural investments through museum exhibitions and curated collector partnerships, have led to luxury being positioned as fine art - right on time, as luxury prices have risen to the disapproval of many to generate more discerning consumers who seek assurance of quality and craft, something the likes of high and fine jewellery can guarantee and provide. This preference is naturally pouring over into discerning collector spaces where luxury has now positioned itself accordingly. Craftsmanship, heritage and long-term value have become the primary interest of the luxury connoisseur. Values that have always existed at the root of luxury’s overall mission and are clearly proving to be the point once again.
Galleries and auction houses have built their reputation as reliable, qualified guardians of authentic craft so collectors have turned to them to fill the widening gap in a world of seemingly art-adjacent technological advancements, rising prices and a growing need for verifiable artistry and artisanal expertise. The traceability these houses offer permeates into practice as they continue to be the choice for luxury houses that value the same and buyers who do too. These houses have also leveraged digital and have made the effort to connect with younger audiences where they are - leaning on an educational and storytelling approach to invite younger buyers into the world of curated collections within the space.
The relationship between luxury and culture is an old one with lovers of either eventually finding the other. As luxury strengthens in the South African market, one observes the fine art market strengthen as well - particularly in the scope of experiential luxury as art forms lead social events through the leveraging of space and an open invitation to partake. As book lovers do more than visit their local bookstore, socials are integrated into practice and for millennials and gen z home owners/makers developing personal libraries and reading rooms the same standard for certifiable goods may be upheld to ensure originals are truly original, justifiably evaluated and rare enough to compound in value over time.
Yours in literary pursuits,
Nona Ngwenya
Founding director & contributor at Zuri Manor House, the home of luxe literature™. A private press, the house specialises in the elevated literary experience.