It's crazy that Sotheby's was founded in 1744 and Christie's in 1766. There are lower tier auction houses but it's been so hard to unseat the top 2. Any ideas why?

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Buyer trust. High-end buyers value anonymity, tradition, and no-BS. Sotheby’s and Christie’s have centuries of proper provenance, tax setup, and discretion. 
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The process of buying high-end collectibles doesn’t lend itself to shopping around for best buyer’s premium. It’s also a hassle to verify funds at man

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…these are tax havens for many, not for immediate resale. And, yes, people resell things like Picasso’s, but only after they appreciate substantially for nebulous reasons over long periods of time. There’s very little to no quick arbitrage in high end collectibles.

It’s also a convenient and strong positive feedback loop. If someone finds or wants to sell an iconic collectible, they immediately think Sotheby’s/Christie’s. The energy and effort needed to potentially find a “steal” from a lesser-known auction house is more trouble than it’s worth. Particularly because