Christie's 20th Century Art and Design Sale

Edward Krudy reporting for Reuters states the recent Christies mid season 20th century decorative art and design sale in New York did very well.  There was also some very interesting items as well with bidding.  Krudy reports the sale totaled $1.2 million for 99 lots, with 89 lots selling.  That is a nearly a 90% sell through rate, which is excellent.  There were many remarks stating there was again excitement and enthusiasm in the room. Little by little, there are signs of a gentle recovery in many of the fine and decorative art sectors. It is not fast, but there is interest, and perhaps more importantly buying.

Krudy reports

"There is definitely more energy and excitement in the sales room than last Spring," said head of sale Carolyn Pastel from Christie's New York offices in Manhattan. "We really had a lot of interest in the States and internationally."

The global international art market was hit hard last year as the recession took its toll on luxury purchases. Total global revenue from fine art sales contracted by $3.7 billion in 2009 from the previous year, and was only half the $9.3 billion posted in 2007, according to research by Artprice, a provider of art market information.

Pastel said buyers from 18 countries joined U.S. counterparts via telephone and Christie's Internet bidding system, which Pastel reckons probably experienced its heaviest usage ever. Over a quarter of buyers and underbidders - participants with the second best bid - came via the Internet, she says.

A similar auction last Spring generated about $981,000, while only 81 percent of the auction was sold by value and 77 percent by lot.

Participants bid for 20th century objects and furniture, including items from Tiffany Studios, Frank Lloyd Wright, Daum, George Nakashima, Harry Bertoia, Sam Maloof and Joe D'Urso.

To read the full Reuters article, click HERE.