Christie's Storage Facilities

I have reported how Christie's is aggressively moving into other art related businesses, this of course includes appraisals, but also insurance, primary art galleries and art storage.  In addition to Geneva and Singapore, Christies is now developing waterfront property in the Red Hook section of Brooklyn for a large art storage facility.  Kelly Crow, reporting for the Wall Street Journal says the renovated warehouse will open in June as a high security storage site for fine and decorative art. Chirstie's will perform credit checks on clients and also check the stored art against known stolen art registries.

Why is this important to appraisers, the more knowledge we have of these ancillary services the more value added options we can offer our clients.  Appraisers need to be aware of not only trends in value, but any trend that may be of use to our clients and providing valuation and other services.

Crow states

Christie's said it will run credit checks on customers and check stored items against registries of stolen art, but added that it can't police everything it brings into its new warehouse.

The company will also need to convince collectors that an auction house can double as an art holder. Competitor Bob Crozier, who owns five art warehouses in the area, said the new venture could allow Christie's to gain intelligence about collectors that could lead to more lucrative consignments for auction. Longtime New York collector Zöe Dictrow said her colleagues might feel "self-conscious" about storing pieces at a site overseen by an auctioneer.

But Christie's Fine Art Storage Services, or CFASS, the subsidiary that runs Christie's storage operation, said its independent storage staff won't divulge anything about its clients or their holdings, even to Christie's auction specialists.

"We aren't sharing Rolodexes," said Joe Stasko, the subsidiary's international managing director.

The company's new storehouse on Brooklyn's western waterfront looms over a block of Imlay Street warehouses that store ginger and beer. During a recent visit, Joel Weinberg, general manager of CFASS, had pricier cargo in mind for his new headquarters. After burrowing into the building's cavernous recesses, he pointed to a dim corner and joked: "Here's where we're planning to put the Ark of the Covenant."

To read the full WSJ article, click HERE.