Christie’s summed up the results for the first half of the year

C. Monet. The Pond with Water-Lilies. 1919.Oil on canvas. Lot sold for ₤40 921 250. Impressionist and Modern art evening sale, Christie’s. London, June 24

Christie’s auction house announced the results of its work for the first half of this year. The sales totaled ₤ 1 800 000 000 that is 10 % of a financial turn of the markets of all developing states and in ₤ 200 000 000 exceeds the last year result. As the president of the European Christie’s department Johan Pulkkanen said such great results are achieved mainly owing to the collectors from Asia and Russia. At the same time, in the conditions of instability of world economic the consumer ability of auctioneers of Europe and the USA continues to decrease a lot.

Representatives of Asia and the Near East take the most active part at auctions. From the beginning of this year the Asian sector got Cristie’s over ₤ 179 000 000 that is in 81 % exceeds the last year result. «The main part of our clients prefers to sell jewelry in Dubai, − comments on Johan Pulkkanen. − Moreover, we have never seen such rise of the Asian art. The general sales in this sector exceeded the result of 2007 in 63 % and reached ₤ 239 000 000. Besides, our Hong Kong department registered about 250 new clients from the beginning of a year». Meanwhile the general result of Europe and the USA makes ₤ 837 000 000 that is in 6 % less than the last year result. Results of the USA are in 1 % less the previous year and total ₤ 631 000 000. Thus, the most serious regress is observed in Europe.

June auction sales fetched the highest profit for the auction house. Impressionists and the Modern Art sales totaled ₤ 144 440 500. Among them ₤ 40 921 250 was for the Claude Monet’s picture the Pond with Water-Lilies (1919). Owing to Monet the impressionists totaled ₤ 497 000 000 was ahead the modern art sales fetched ₤ 409 000 000. According to Johan Pulkkanen, this difference could be deminished if the statistics included the results of the sales of the modern art which took place on July, 1 in London and fetched ₤ 22 400 000.

The following tendency of the development of the antiquarian market is the increase in number of private transactions. They totaled ₤ 153 000 000 to
₤ 82 000 000 of the last year. This sum includes as results of the private sales hold with Christie’s participation and statistics of the Haunch of Venison gallery. The gallery which became a part of Christie’s structure in 2007 specializes in transactions of purchase and sale in the field of the modern art. As Johan Pulkkanen announced private transactions become a rather perspective sector of the modern art market and the auction house is striving to strengthen the positions in this field. Probably, in the nearest future one more Christie’s affiliated gallery will be opened in London. Notably, according to some experts such actions of the auction houses which took a firm position among intermediaries between buyers and sellers can lead to vanishing of certain scopes of their work and will lead to regulation of their activity.

In summary it is necessary to add that the main Christie’s competitor Sotheby’s auction house will publish the semi-annual results in the early August. It will give the chance to see the full image of the development of the art market for first half of 2008.

Published in: on September 16, 2008 at 12:24 pm  Leave a Comment  
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