Bloomberg is reporting that total 2017 Christie's sales increased by 26% to $6.6 billion while auction sales increased by 38% and 81% of the offered lots were sold compared to 76% in 2016.
What is interesting is private sales fell by 32% to $667 million.
Bloomberg reports
Source: BloombergChristie’s, the world’s leading auction house, reported a 26 percent increase in annual sales as the art market turned the corner following a two-year slump.
Global sales of art and collectibles rose to 5.1 billion pounds ($6.6 billion) in 2017, the London-based company said Friday in a statement. Booming stock prices and a more stable political environment in key economies restored the balance between supply and demand as sellers returned to the market, Chief Executive Officer Guillaume Cerutti said in an interview.
Back on the Upswing
Christie's sales climbed last year after declines in 2015 and 2016
Auction sales jumped 38 percent to 4.6 billion pounds, led by Leonardo Da Vinci’s “Salvator Mundi” soaring to a record $450.3 million in November in New York. The 500-year-old painting of Christ, acquired by the Louvre Abu Dhabi, helped the company’s Old Master sales more than double. Over the full year, 81 percent of lots found buyers, compared with 78 percent in 2016.
Postwar and contemporary art tied with the Impressionist and modern category at 1.2 billion pounds in sales. Vincent Van Gogh’s painting “Laboureur dans un champ” fetched $81.3 million, leading the Impressionist-modern group, while Andy Warhol’s “Sixty Last Suppers” paced postwar-contemporary offerings at $60.9 million. Among disappointments were private sales, which fell 32 percent to 472.4 million pounds.
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