How the world's oldest auction house has approached a period of careful, deliberate change – and what it has learnt along the way.
When Claes Rålamb, the governor of Stockholm, established an auction house in 1674, his purpose was practical: to create a fair and transparent way to resolve financial disputes. The value of an object would be determined not by opinion, but by what someone was willing to pay. Three hundred and fifty years later, Stockholms Auktionsverk is still operating on the same principle. That continuity of purpose is what makes its recent period of change so instructive.
Hanna Hellberg manages SAV's Sickla house and has been at the centre of the changes described here. "When Stockholms Auktionsverk was founded in 1674, it was a truly pioneering initiative," she says. "This pioneering spirit remains a strong part of our legacy. Our business is constantly evolving, but we always remain committed to preserving our identity, tradition, trust, and expertise."
Hanna Hellberg manages SAV's Sickla house and has been at the centre of the changes described here. "When Stockholms Auktionsverk was founded in 1674, it was a truly pioneering initiative," she says. "This pioneering spirit remains a strong part of our legacy. Our business is constantly evolving, but we always remain committed to preserving our identity, tradition, trust, and expertise."
SAV today operates 10 houses across three countries, sells over 100,000 lots a year, and counts buyers from the UK, US, Germany, and across Scandinavia among its regulars. In the past three years, tens of thousands of international buyers have transacted through the house, with the United Kingdom among its most active buyer countries. That reach has not come at the expense of the house's character. If anything, the past few years have seen SAV become more deliberate about what it stands for.
Illustrated maps showing Stockholms Auktionsverk’s locations, alongside a global overview of its buyers over the past three years.
In 2025, SAV’s leadership made a considered decision to reduce the number of lots offered in their live auctions. Not in response to declining demand, but as a deliberate elevation of the format. Fewer lots, more carefully selected, with greater attention given to viewings and catalogues. The result is a format that commands stronger average prices. Live auctions now represent just 3% of annual volume, yet account for 25% of total revenue.
For Hellberg, the decision goes to the heart of how SAV understands its identity:
Alongside this, themed auctions, built around specific collecting areas or private collections, have become an increasingly important part of the mix, handling some 10,500 lots per year with lead times of roughly eight weeks from consignment to settlement. In some respects they are a return to an older tradition: SAV has always understood that different objects require different contexts in which to be sold, and these events are an expression of that same instinct applied to the present market.
In 2025, SAV’s leadership made a considered decision to reduce the number of lots offered in their live auctions. Not in response to declining demand, but as a deliberate elevation of the format. Fewer lots, more carefully selected, with greater attention given to viewings and catalogues. The result is a format that commands stronger average prices. Live auctions now represent just 3% of annual volume, yet account for 25% of total revenue.
For Hellberg, the decision goes to the heart of how SAV understands its identity:
Alongside this, themed auctions, built around specific collecting areas or private collections, have become an increasingly important part of the mix, handling some 10,500 lots per year with lead times of roughly eight weeks from consignment to settlement. In some respects they are a return to an older tradition: SAV has always understood that different objects require different contexts in which to be sold, and these events are an expression of that same instinct applied to the present market.
Thirty years ago, SAV attempted to move their popular monthly sale to an online format. The sale covers decorative and eclectic objects averaging around £1,500 per lot, with some 900 lots per auction. The attempt did not succeed, neither the market nor the technology was ready, and the idea was set aside. The willingness to return to it thirty years later, and try again with different conditions, is, for Hellberg, characteristic of how SAV approaches change:
"350 years of auctioneering is, in fact, about stewarding 350 years of tradition, trust and expertise. We are very careful to preserve our identity in the changes we make. At the same time, it is possible to remain traditional while embracing a pioneering spirit."
In 2025, the decision was revisited. Revenue on the sale increased, unsold rates fell, and buyer payments were settled more quickly. Moving an established sale to a new format, far from unsettling the house’s position, strengthened it and lifted average prices across its broader online offering in the process.
Thirty years ago, SAV attempted to move their popular monthly sale to an online format. The sale covers decorative and eclectic objects averaging around £1,500 per lot, with some 900 lots per auction. The attempt did not succeed, neither the market nor the technology was ready, and the idea was set aside. The willingness to return to it thirty years later, and try again with different conditions, is, for Hellberg, characteristic of how SAV approaches change:
"350 years of auctioneering is, in fact, about stewarding 350 years of tradition, trust and expertise. We are very careful to preserve our identity in the changes we make. At the same time, it is possible to remain traditional while embracing a pioneering spirit."
In 2025, the decision was revisited. Revenue on the sale increased, unsold rates fell, and buyer payments were settled more quickly. Moving an established sale to a new format, far from unsettling the house’s position, strengthened it and lifted average prices across its broader online offering in the process.
The largest part of SAV’s operation is its continuous online channel, contributing 52% of total revenue, with lead times from consignment to publication of as little as five to seven days, and settlement typically completed within a fortnight. It is, in a sense, an expression of something SAV has understood since 1674 – that a functioning auction house needs a constant flow of transactions, not only exceptional ones. By directing the right lots here, SAV keeps its live and themed formats elevated and purposeful. Each part of the operation is better defined because the others exist alongside it.
SAV's results for the first half of 2025 show 3% growth in total hammer value year-on-year, a sell-through rate of 83%, and a 5% improvement in average sold values, whilst the number of active buyers and sellers has remained stable. In the present economic climate, these are solid figures. They reflect a house that knows the difference between a passing condition and a lasting one, and is not easily unsettled by either. For Hellberg, the results confirm something she has been watching closely:
"I believe our recent strategic changes have clearly demonstrated to both the industry and the market that we can evolve without losing our identity. Change can be implemented very successfully without compromising our tradition, trust, and expertise."
The infrastructure supporting SAV's online operation, international buyer reach, and strategic decision-making is provided by Auctionet. For houses considering how to develop their online presence or broaden their buyer base, SAV's experience offers a measured and well-documented example of what that can look like in practice – from a house that has been finding the best way to sell since 1674.
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