Results: Christie's NY First Open Sale

On March 8 Christie's held its First Open Sale of the season for new and established collectors looking for emerging artists.  The sale totaled $12.35 million including buyers premiums, and offered 297 lots.  Of the 297 lots, 239 sold for a strong  87% sell through rate.  The sale sold 85.5% by value.  The top lot, an oil on paper by Richter sold for $750,000.00, and 8 of the top ten exceeded the pre sale high estimate.

This type of sale show the extra steps Christie's has been willing to take in order to increase market share against its primary rival, Sotheby's.

Christie's reported on the sale.

Since its launch in the spring of 2005, Christie's First Open sales have become a fixture on the global contemporary art circuit, providing the perfect venue for new and seasoned collectors to discover emerging artists and to explore lesser-known works by well-established names. The results show that Christie's specialists have found the exact formula to attract not only collectors but also connoisseurs of abstraction and conceptualism hunting for works not seen on the market for decades.

Sales are held twice-yearly in New York.Christie’s First Open sale of Post-War and Contemporary Art on March 8 will offer an exciting selection of approximately 300 works of art. First Open is the perfect opportunity for new and established collectors who are eager to discover emerging artists and ready to explore lesser-known works by established artists. Now directed by Saara Pritchard, the First Open session will feature an exceptional group of works donated to benefit the artistic activities of the Brooklyn Museum and Artists Space. Highlighting the sale are two important works on paper by Gerhard Richter and Peter Doig unseen on the market for approximately 20 years. First Open will also present an exciting single owner section of Abstract Expressionist works by artists including Adolph Gottlieb, Richard Pousette-Dart, Leon Polk Smith, Helen Frankenthaler and Michael Goldberg assembled by a private collector with a discerning eye.

Source: Christie's