More on Christie's First Half

Christie's has released some financial performance figures for the first half of 2012.  I alluded a little to this in yesterdays post which was comparing the outlook from Christie's as positive, while the view is much less optimistic at Sotheby's.  Two important factors beyond the impressive financial results, the large increase in private sales, and also Christie's starting online only auctions in August.  If you recall, I posted on Skinner starting to experiment with online only fixed time auctions earlier this year (click HERE to read post).

Highligts are as follows:

• First half 2012 sales of $3.5 billion up 13% compared to first half of 2011
• Private sales were $661.5 million, up 53% (this is big)
• Post War and Contemporary sales up 34%
• 340 works at auction for over $1 million (376 in the same period 2011)
• 26 for over $10 million (18 in the same period 2011)
• Average sold lots at 79%, same for the past two years
• Christie’s South Kensington saleroom, offering lot from under £1,000 had a record year, although figures were not in the release
• 20% more unique visitors to Christies.com than in 2011.
• 15% increase in the number of clients bidding via the internet
• Christie’s will launch the first in a series of online-only auctions for a global collecting category in August with a sale of fine and rare wines.

Christie's reported

RELEASE: WORLDWIDE SALES FIRST HALF OF 2012
CHRISTIE’S ANNOUNCES WORLDWIDE SALES FOR THE FIRST HALF OF 2012 OF £2.2 BILLION / $3.5 BILLION, UP 13% BY £ (11% BY $) COMPARED TO THE SAME PERIOD LAST YEAR (FIGURES INCLUDE BUYER’S PREMIUM).

Christie’s announces worldwide sales for the first half of 2012 of £2.2 billion / $3.5 billion, up 13% by £ (11% by $) compared to the same period last year (figures include buyer’s premium).  This includes private sales of £413.4 million / $661.5 million, an increase of 53% by £ (50% by $) on the same period last year, and represents the highest total for a corresponding period in company and art market history.

Steven P. Murphy, Chief Executive Officer, Christie’s states:  “We’ve seen a steady increase in sales at Christie’s driven by three key factors:  growing worldwide demand for art, the quality and curation of important consignments and our consistency in offering the best service and broadest choice to our clients. Our truly global teams now serve a growing number of collectors from all around the world: in person and online, as clients are increasingly flexible about choosing how and where to acquire works of art. Christie’s investment in specialist knowledge across many categories allows us to offer a broad range of art at different price levels.  We are dedicated to honouring our traditional values and we look to innovatively serve our clients – playing the role of a vibrant hub for all those who are passionate about art.”

Post-War and Contemporary art led the categories with auction sales of £576.1 million / $921.8 million – an increase of 34% by £ (31% by $) over the corresponding period last year. The Post-War and Contemporary Art Evening Auction in New York on 8 May realised $388.5 million (£240.9 million) becoming the most valuable auction ever held in the category. The corresponding auction in London on 27 June realised £132.8 million ($207.3 million) becoming the most valuable auction ever held in the category in Europe.

The highest price for the period at Christie’s was paid for Mark Rothko’s Orange, Red, Yellow which sold on 8 May in New York for $86,882,500 / ₤53,867,150, a world record price for any contemporary work of art sold at auction.

In the first six months of 2012, Christie’s sold 340 works at auction for over $1 million (376 in the same period 2011) and 26 for over $10 million (18 in the same period 2011). Average sold rates (by lot) stayed at 79%, on a par with the previous 2 years. The market at more accessible price levels also performed strongly; Christie’s South Kensington saleroom, which offers works of art from under £1,000, built on two consecutive years of record sales, recording its highest ever total for a corresponding period.

Christie’s continues to welcome new collectors; 19% of all registered bids at global auctions were placed by new clients. Christie’s also continues to see global collectors convene at international auctions; bidders registered from 124 countries and while sale totals decreased from the record levels of 2011 for Asian art and auction sales in Hong Kong, there was a 31% increase in Asian clients registering to bid in New York and London.

Christie’s continue to invest in online initiatives making the art market increasingly accessible. In the first six months of 2012, online continued to attract new clients and prompt greater interactive engagement. The website, www.christies.com, welcomed 20% more unique visitors than the corresponding period in 2011. There was a 15% increase in the number of clients bidding via the internet on Christie’s LIVE™. Looking forward, Christie’s will launch the first in a series of online-only auctions for a global collecting category in August with a sale of fine and rare wines.

Steven P. Murphy continues: “The first six months of the year have demonstrated a healthy market that responds to great art and intelligent pricing. We look forward to continuing to build on the traditions of Christie’s, while anticipating and executing opportunities in the expanding world of art. As an extension of our core auction business, we have invested in private sales, which continues to grow in demand from our clients and which is building at a steady rate.  In addition, and reflecting the profound impact of the internet, we will launch the first in a series of online-only auctions for a global collecting category in August with a sale of fine and rare wines. It promises to be a great second half of the year.”

Source: Christie's website