Ramses III
Christie’s International said that it is confident of the art market recovering after sales declined 24 percent in 2009, a “demanding year” according to Bloomberg
Total sales decreased to 2.1 billion pounds ($3.4 billion at today’s rate), the London-based auction house said in an e- mailed statement today. Revenue from contemporary art was the most badly affected by the economic crisis, falling 59 percent to 244.3 million pounds.
Collectors responded to the financial crisis in 2009 by selecting the best 20th-century classics, Old Masters, wine and jewelry, and rejecting some contemporary works at international auctions by Christie’s and its rival Sotheby’s. Private bidders, especially from Asia, have been boosting success rates even as totals decline. Average selling rates by lot at auctions increased 5 per cent to 80 percent in 2009, said the company.
“These figures were much better than we expected,” Edward Dolman, Christie’s chief executive, said in a telephone interview. “The art market is vulnerable and we thought we’d be down 50 percent, as we were in the last recession in 1991.”
Bolstered by the record 342.5 million-euro ($480 million) success of the collection of Yves Saint Laurent and Pierre Berge in Paris in February, Impressionist & Modern works dominated Christie’s 2009 earnings, with 500.9 million pounds of sales. Asian art, for the first time, was the second-highest contributor at 265.1 million pounds, said the auction house.
The Saint Laurent sale -- the most expensive single- ownership collection ever auctioned -- was held when confidence in markets had been at their lowest ebb, said Dolman.
“It showed us the reality of the new masterpiece market,” he said. “People are looking for exceptional objects, and they’re looking for the same things. Most of the top lots went to Middle Eastern and Russian buyers, underbid by Asian clients. Our new clientele was in place.”
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