 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
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Jing Daily commented on August 12, 2010
This is a great sign as an overall growing art market will continue to push along the healthy ʊnd growing) Asian -- specifically Chinese -- art market on its upward trajectory. A recovered art market may need to direct some of its thanks fo the Chinese collector. As Chinese "New Collector" confidence grows because of the success of recent auctions, they're buying more contemporary Chinese art, as well as everything else.