Art Auctions Flourishing in 2011

Christie’s and Sotheby’s auction houses announce impressive growth and sales in the first half of 2011.
Art Auctions Flourishing in 2011
7/27/2011
Updated:
10/1/2015

<a><img src="https://www.theepochtimes.com/assets/uploads/2015/09/cleoAnthony.jpg" alt="Painted by Sir Lawrence Alma-Tadema in the 19th century, this artwork sold for a well-deserved $29.2 million at Sotheby's New York this spring. (Courtesy of Sotheby's)" title="Painted by Sir Lawrence Alma-Tadema in the 19th century, this artwork sold for a well-deserved $29.2 million at Sotheby's New York this spring. (Courtesy of Sotheby's)" width="575" class="size-medium wp-image-1800190"/></a>
Painted by Sir Lawrence Alma-Tadema in the 19th century, this artwork sold for a well-deserved $29.2 million at Sotheby's New York this spring. (Courtesy of Sotheby's)

Christie’s private sales skyrocketed in the first half of 2011, reaching $467.3 million. Total sales amounted to $3.2 billion, up 15 percent from last year’s first half total of $2.8 billion.

Continental Europe and the United Kingdom came at the top, bringing in $1.3 billion, followed by the Americas with $941.6 billion, Asia with $482.5 million, and the Middle East with $10.8 million. The Americas had the only decrease in sales from 2010.

“The continued demand for art in the first half of this year is a clear indication of the enduring vigor and passion for great works of art throughout the world,” said Steven P. Murphy, chief executive officer of Christie’s International, in a press release.

<a><img src="https://www.theepochtimes.com/assets/uploads/2015/09/monet.jpg" alt="'Les Peupliers' by impressionist artist Claude Monet (1840-1926) sold at Christie's New York in May for $22.5 million. (Courtesy of Christie's Images Ltd. 2011)" title="'Les Peupliers' by impressionist artist Claude Monet (1840-1926) sold at Christie's New York in May for $22.5 million. (Courtesy of Christie's Images Ltd. 2011)" width="250" class="size-medium wp-image-1800192"/></a>
'Les Peupliers' by impressionist artist Claude Monet (1840-1926) sold at Christie's New York in May for $22.5 million. (Courtesy of Christie's Images Ltd. 2011)
Collectors worldwide have been increasingly using Christie’s online bidding system. The number of registered users rose by 27 percent in the first half. Approximately one-fifth of Christie’s customers bid online, the company reported.

“As our company continues to evolve to meet the needs of collectors worldwide, we continue to keep art, experience, and expertise at the center of Christie’s activities,” said Murphy.

The most popular areas in private sales included jewelry, old master, impressionist, and modern art, Asian art, American art, and post-war and contemporary art.

Sotheby’s earnings also jumped since the beginning of the year, totaling $119.6 million for the first quarter, up 17 percent from the previous year.

“This is one of our best first quarters on record,” said Bill Ruprecht, president and chief executive officer of Sotheby’s, in a press release. “It is all the more impressive given the outstanding first quarter of 2010, which included one work by Giacometti which sold for an unprecedented $104.3 million.”

Sotheby’s sales increased by 31 percent in the first quarter, reported Ruprecht. “Our Hong Kong sales have been a major contributor, bringing a record total of $447 million, near the high end of the pre-sale estimate and showing the depth and breadth of wealth in that region,” he said.

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