JAN 20, 2015 I NEW YORK
For the fifth consecutive year, Christie's has beaten the annual art sales record, reported a 12% rise in art sales to a record £5.1bn last year, with the growth being partly attiributed to greater connectivity with global buyers.
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Highlights for 2015 include its series of Old Master sales to be held in New York at the end of January, led by a portrait by Caravaggio formerly from the collection of Sir Joshua Reynolds.
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| Andy Warhol's 'Triple Elvis' fetched $81.9m in New York |
For the fifth consecutive year, Christie's has beaten the annual art sales record, reported a 12% rise in art sales to a record £5.1bn last year, with the growth being partly attiributed to greater connectivity with global buyers.
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The figure includes private (as opposed to public) sales of £916 million, and online only sales of £21.4 million. But the majority was for good old-fashioned public auction sales (up 10 per cent to £4.2 billion). Sales in this category at Christie’s rose by 33 per cent last year to £1.7 billion ($2.8 billion), accounting for an extraordinary 40.5 per cent of public auction sales.
It said all its sales platforms increased during 2014, with Auction sales up 10% to £4.2 billion. e-Commerce sales rose by 54% and the company said digital access to its offerings was bringing new customers.
The art business was boosted by sales of valuable works, particularly in the Post-War & Contemporary Art and Impressionist & Modern Art departments.
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| Francis Bacon, Seated Figure, 1960 sold for $44,965,000 CLICK IMAGE TO ENLARGE |
Top sellers, all in the $70 million to $80 million range, were paintings by Francis Bacon, Barnett Newman, Cy Twombly, and Andy Warhol, whose Triple Elvis silkscreen painting of 1963 sold for $82 million in November. The nearest challenger is Impressionist and Modern art at £732.5 million.
Volatility in global markets - at a time of global economic uncertainty - has left art as an attractive investment option. Chief executive, Patricia Barbize, said: "Christie’s sales grew by 12% during 2014 and the team has succeeded by focusing on the art and connecting it to a growing global audience.
Patricia says, "We continue to lead the art market by offering the broadest opportunity to collectors globally. The top end of the market grew during the year as evidenced by the 48% increase in works sold above $10m. Our strategy to develop in new markets such as China and India and in new channels such as Private Sales and e-Commerce, has further propelled the global growth of our business.
The company highlighted Christie’s Fall evening sale in New York, which realised $852.9m - the highest total ever for an auction in the history of the art market. It also picked out the sale of Edouard Manet’s Le Printemps (Springtime) for $65.1m to the J Paul Getty Museum in Los Angeles and Andy Warhol's Elvis which fetched $82m.
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