As I posted yesterday on the overall art market from the Wall Street Journal, the Christie's results also reinforces the strong health to the art market, especially at auction. I will soon post the semi annual tracking results from the Mei Moses regional indexes, which have also been strong and continue to out perform the S&Ps index.
Interestingly, but perhaps not surprising, the U.S. was the only region listed that did not show a sales volume increase. US Sales actually fell by 13% with fewer large collections for sale after a record 2010. The U.K. and European market was up 24%, Asia was up 48% and the Middle East was up by 10%.
Christies saw global auction sales increase by 10% from the same period last year (with 2010 being a strong year for the auction duopoly of Sotheby's and Christie's) to $4.2 billion, private sales increasing by 57% to $467.3 million, Internet buying continued its growth with 19% of auction sales generated from online activity, and new clients increased by 14%, showing the growing world market of buyers. The top lot for Christie's in the first half was an Andy Warhol at $38.44 million in NY, followed by a Mark Rothko also in New York for $33.68 million (all sales prices include buyers premiums).
The number of lots was by 30% in the first half of 2011, showing a growing confidence in the auction market by collectors. When prices are strong, there is more incentive to sell collections. Christie's also sold 8 of the top 10 selling lots at auction as well as having 376 lots sell for over $1 million at auction.
Of course Christie's is very bullish on the art market at the moment, and from the results, rightfully so.
Christie's reports on the first half of 2011.
Christie’s sales worldwide continue to increase across multiple categories as the global art market continues to expand. While record results in Hong Kong reaffirm it as a growing global art hub and Asia as the fastest growing art market in the world, the strength of the European art market was also firmly illustrated by Christie’s sales across the region. Following a blockbuster year in 2010 for the sale of collections in the US, Christie’s New York saw fewer collections come to the market but a continuing renewed confidence in the market for fine art, antiques, jewellery and watches and wine driven by increasing participation from private and trade collectors. Spanning the global activities of the company, at all market levels, a growing client base continues to acquire works of art.
The continued demand for art in the first half of this year is a clear indication of the enduring vigour and passion for great works of art throughout the world,” commented Steven P. Murphy, Chief Executive Officer, Christie’s International. “Christie’s results reflect the firm’s commitment to serve a global audience. As our company continues to evolve to meet the needs of collectors worldwide, we continue to keep art, experience and expertise at the centre of Christie’s activities.”
The strength and stability of the auction market continues to be demonstrated by high sell-through rates at all price levels. In the first half of 2011, average auction sold rates (by lot) were 79.0%; on a par with the corresponding period last year. Works priced between £500,000 and £1 million also continue to sell particularly well, with average sell-through rates in excess of 90%. Concurrently, the solid performance of Christie’s regional salerooms such as Christie’s South Kensington which secured its highest half-year sales total ever at £59.1 million ($96.4 million), reflects the continuing demand for art in the middle market.
A widening group of collectors continue to participate in the art market and to be served by Christie’s. In the first half of 2011, the number of clients who registered for a sale was on a par year-on-year, whilst the number who went on to buy in Christie’s sales increased by 14%.
Echoing Christie’s 2010 results, Continental Europe, the US and the UK continue to account for the highest proportion of new clients with 78% of new clients in the first half of 2011 from these regions. Greater China (Mainland China, Hong Kong and Taiwan) accounted for 13% of new client registrations in the period, an increase of 20% year-on-year. Christie’s Hong Kong provides their key entry point although other Christie’s Asian Art sales in New York, London and Paris attracted many new clients from the region. Whilst client registrations from other BRIC (Brazil, Russia, India, China) countries still represented a small number overall, registrations from Brazil grew threefold.
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