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Christie's & Sotheby's Report 2010 Sales Up

Arts & Culture: Art auctioneers at Christie's and Sotheby's have announced a significant increase in their sales figures for the first half of 2010. Christie's experienced a 46 percent increase in sales over 2009's half-year figures at $2.57, while Sotheby's sales of $2.2 billion, at midpoint 2010, is a gain of 116 percent compared to 2009.

For Sotheby's the spike in sales is the second best half-year figures ever experienced by the prestigious auction house. The majority of sales, $1.6 billion, occurred in the second quarter of 2010. The figures represent an increase in both revenues and net income over the first two quarters. The company is hopeful of achieving similar sales figures in the second half stemming from upcoming auctions in Hong Kong, New York and London.

Highlights of Christie's impressive sales figures for the first six months include the selling of Pablo Picasso's Nude, Green Leaves and Bust , which sold for $106.5 million, the highest price ever paid at auction for any work of art to date. Additionally, 169 works sold for more than $1 million.

Christie's CEO Edward Dolman indicated that the successful sales of collections by Michael Crichton, Mrs. Stanley F. Brody, Sonde Tang, and Spencer also were significant factors for the 2010 upswing. Dolman also cited an increase in buyers from the Asian marketplace being key to the auctioneer's improved sales picture.

Sources: Christie's; Sotheby's

James Rothaar

As an independent contractor, James has written content for and other leading online luxury lifestyle magazines. Rothaar previously served as the senior-tenured staff writer for JustLuxe, having worked with the digital magazine since 2005. He resides in Jacksonville, Florida, and works as an independent marketing consultant and a freelance writer. James Rothaar has an MBA degree...(Read More)

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