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Christie’s global art sales hit $3.2bn in H1

Dubai, July 23, 2011

Christie’s International, the world’s leading art business, has announced worldwide sales for the first half of 2011 at GBP2.0 billion ($3.2 billion), up 17.6 per cent on last year’s figure of GBP1.7 billion.

Auction sales in the Middle East totalled GBP6.6 million ($10.8 million), up 10 per cent, while in Continental Europe and the UK, auction sales totalled GBP803.4 million ($1.3 billion), up 24 per cent.

Sales in the Americas totalled GBP577.7 million ($941.6 million), down 13 per cent; sales in Asia totalled GBP296 million ($482.5 million), up 48 per cent in GBP.

Sales totals include private sales of GBP286.7 million ($467.3 million), an increase of 57 per cent by GBP on the first half of 2010.

“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."

In the first half of 2011, Christie’s increased the number of lots sold by 30 per cent year-on-year and led the market at all price levels demonstrating its commitment to serving collectors who participate at differing price levels.

Christie’s sold 8 of the top 10 lots offered in the public marketplace each selling for in excess of $20 million. The company also sold 376 lots over $1 million at auction.

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 per cent; on a par with the corresponding period last year.

Works priced between GBP500,000 and GBP1 million also continue to sell particularly well, with average sell-through rates in excess of 90 per cent.

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 GBP59.1 million ($96.4 million), reflects the continuing demand for art in the middle market. – TradeArabia News Service




Tags: Dubai | Auction | Christies | 2011 | First half | Art sales |

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