ArtBohemia

Link: http://www.arcadja.com/artmagazine/en/2010/02/03/2009-at-christie%E2%80%99s-generalised-downswing-but-no-crash/

Wednesday 3 February 2010
Christie’s is now balancing the books. At the end of January 2010, the London King Street venue published the results for the year 2009, with particular interest for the economic markets of New York, London and Hong Kong, waiting for the new season to really start, with the February appointments dedicated to impressionism, modern and contemporary art.
Christie’s results talk about total sales for the value of 2.1 billion pounds (3.3 billion dollars), but with a 24% drop with respect to 2008 (-25% if considered in dollars). In spite of the financial crisis which also affected the art system, Christie’s maintained excellent levels, defending its role as a world leader among auction houses.
The data circulated by the press office show that with the previous year Christie’s reached 56.4 of world sales. A very wide market share which “defeats” sensationally its competitor and international leader, Sotheby’s.
But the facts tell us even more. For instance, the most profitable department was the one dedicated to Impressionism & Modern Art which lost 24%, but still earned 500.9 million pounds. In second position we find Asian Art with a turnover worth 265.1 million pounds and a 29% loss. In third position, still on the podium, we find Post War & Contemporary Art which fell by 59% and totalled 244.3 million pounds. To follow we have the department of Jewellery, Jadeite and Watches with total profits equal to 215.6 million pounds (14% fall); Old Master & 19th Century (181.2 million pounds, – 6%); European Furniture (125.1 million pounds, +1%); 20th Century Decorative Arts (77.4 million pounds, +149%); American Paintings (35.6 million pounds, -40%); Books & Manuscripts (29.8 million pounds, +8%); Russian Paintings & Works of Art (28 million pounds, -14%); Latin American Art (20.6 million pounds, – 25%); Prints (14.5 million pounds, -48%) and finally British and Irish Art (13.4 million pounds, -47%).
Furthermore, the data circulated indicate that Christie’s most profitable office is definitely the one in New York, with a profit of 599.6 million pounds and a 42% drop, followed by the two London venues: King Street (250.5 million pounds and -50%) and South Kensington (73.8 million pounds, -4%).
Christie’s only venue which did not register a loss is the one in Paris, with a rich +231% in profits, thanks to the auction dedicated to the collection of the renowned French fashion designer Yves Saint Laurent, in February 2009.
Asian markets defend themselves well, if we consider the fact that Christie’s Hong Kong totalled 217.6 million pounds (-12%) and the Dubai venue conquered 12.8 million pounds (-56%). Italy, holding the last position in the European classification (16.5 million pounds, -37%), only in Autumn 2009 experienced a positive breeze with its sales in Milan, determined by the new collectors and private buyers from the United States, excited about taking part in the Milanese auctions dedicated to jewellery.
With regard to clients, Christie’s has quite favourable market prospects, thanks to private buyers from the United States, the Middle East and in particular from China. Indeed, Christie’s 2009 sales at a global level showed that there was a 94% increase in Chinese buyers, while in the previous year the percentage reached only 20%.
Russian buyers spent less than in 2008 in all sectors, but the number of lots they bought increased by 30%, marking the most significant increase with respect to any other geographical area.
The three top lots of the year at Christie’s? In first position we find Head of Muse by Raffaello which, presented in London last 8th December with an estimate of 12-16 million pounds, was sold for 47,941,095 dollars. In second position there is Les couscous, tapis bleu et rose by Henri Matisse with 46,457,480 dollars, sold during the auction of Yves Saint Laurent in Paris on 23rd February 2009. In the same auction the top lot holding the third position was also sold: Costantin Brancusi with Madame L.R. 1914-1917 sold for 37,762,472 dollars. To follow Portrait of a Man with arms akimbo by Rembrandt ($33,210,855), but also the “dragons” armchair by Eileen Gray ($28,342,880), two works by Piet Mondrian (Composition avec bleu, rouge, jaune e noir $27,908,129 and Composition avec grille $18,633,454) and Claude Monet with Dans la prairie ($16,164,918). Finally, in the classification of top lots offered at Christie’s we recall Saint John the Evangelist by Domenico Zampieri, called il Domenichino ($15,166,311), and La tasse de the by Fernand Lèger ($10,225,210).