The First Art Newspaper on the Net Established in 1996 United States Tuesday, November 25, 2014


Christie's Announces Global Art Sales Total $3.2 Billion in the First Half of 2011
A visitor looks on a painting entitled Gimcrack on Newmarket Heath, with a Trainer, a Stable-Lad, and a Jockey by British painter George Stubbs (1724-1806) during a press preview in Hong Kong, China. EPA/YM YIK.

By: Mike Collett-White

LONDON (REUTERS).- Christie's sold art worth 2.0 billion pounds ($3.2 billion) in the first half of the year, up 15 percent on the same period in 2011, and a leading executive said on Thursday that full-year results should break the 2010 record.

The world's biggest art business, owned by French billionaire Francois Pinault, posted sales of 3.3 billion pounds in 2010, a leap of 53 percent on 2009 when the global financial crisis saw wealthy buyers retreat.

"There is a good chance of breaking that record this year," said Jussi Pylkkanen, president of Christie's Europe.

"Every indicator in the art market tells us that there is the appetite to buy and sell at Christie's. It must give us a very, very good chance," he told Reuters in an interview. He declined to give a more precise forecast.

A leading art analyst warned, however, that growing economic uncertainty, particularly surrounding the European debt crisis, could act as a brake on a market that is approaching record prices in several sectors.

ArtTactic published a U.S. and European contemporary art market survey on Thursday which showed that, despite a rise in confidence of 8.3 percent in the first half of 2011 its barometer of risk had also risen 12.6 percent.

"There are strong similarities between today's situation and the situation that faced the art market in 2007 and 2008," said the survey, recalling the strong divergence then between its art market and economic indicators.

The art market took a delayed, but significant hit from the banking crisis, but has recovered steadily since.

"This time around the problems have moved from the banking to the sovereign sector -- potentially presenting an even bigger threat to the world economy than the previous crisis did," added ArtTactic.

REASONS TO BE BULLISH
Pylkkanen of Christie's said that while the company and its clients would be watching the broader economic climate closely, there were reasons to remain bullish about art, collected both for its aesthetic appeal and investment value.

He pointed to the number of new buyers coming to Christie's, helping to support not only the top end of the market where works regularly fetch tens of millions of dollars each, but also works worth $500,000-1 million.

"It means that those (new) individuals will be in the market for a good time hence," he said.

"If you add on the fact that prices are firm it means collectors with important pieces are very comfortable putting them on the market, which creates a virtuous circle."

Buyers from mainland China, a key target for auction houses who have seen prices in some sectors soar as a result of newly wealthy collectors from the country, were behind the leap in Asian sales, Pylkkanen said.

Asian sales hit 296 million between January and June, up 48 percent year-on-year, while private sales outside the auction room leapt 57 percent to 287 million pounds.

Continental Europe and Britain accounted for auction sales of 803 million pounds, a rise of 24 percent on the first half of 2010, while sales in the Americas fell 13 percent to 578 million pounds.

Pylkkanen said Christie's continued to see the rise of the "Medici"-style "super-collectors" who sought to acquire top works of art across periods and genres.

Russian buyers, for example, now spend an estimated $8 on non-Russian art for every $1 they spend on art from their own country, and Chinese collectors were beginning to follow their lead.

(Reporting by Mike Collett-White)





Today's News

July 22, 2011

British Realist Painter Lucian Freud, Famed for His Nudes, has Died Aged 88

Archaeologists Uncover Biblical Ruin Inside a Palestinian City in the West Bank

Harvard-Smithsonian Center for Astrophysics Uses Computer Models to Study Exoplanet Auroras

Aldourie Castle in Scotland Announced as Winner of The Historic Houses Restoration Award 2011

Metropolitan Museum Announces Highest Attendance in 40 Years: 5.68 Million

First Dorothea Rockburne Retrospective on View at Parrish Art Museum

Five International Buildings Shortlisted for the Prestigious RIBA 2011 Lubetkin Prize

Group Exhibition of Artists Explores the Influence and Effects of Control Mechanisms on the Human Body

Philadelphia Museum Acquires Major Works by Monet, Pissarro, Sisley, and Cassatt

Art Gallery of Ontario to Present Major Pablo Picasso Survey Exhibition in 2012

Harry Ransom Center Says Iconic 'Gone With the Wind' Dress Faded Forever

Archaeologists Unearth Skull of Japanese Pilot Who Fought in Historic Attack of Pearl Harbor

Wende Museum's Cold War Visual Archive to be Subject of Major Taschen Book

Rhode Island Art Dealer Gets 16 Years in Invention Scam

Experts to Catalog South Indian Temple Treasures

New York City Fire Truck Lowered Into 9/11 Display

Smithsonian's National Postal Museum Receives Donation for the William H. Gross Stamp Gallery

Henry Luce Foundation Grant to Advance Scholarship on Tibetan Painting Awarded to Rubin Museum

Saint Mary's College of California to Expand Hearst Art Gallery

Pavilion of Art & Design London Announces More Details

Good Doctor's Suits of Armour Make 782,508 in Sell Out Auction At Bonhams

Exhibition of Flower Drawings at Fitzwilliam Museum Explores the Legacy of Redouté

artnet Auctions Announces Important Selection of 20th Century and Contemporary Design

Connie Wolf Appointed Next Director of Cantor Arts Center at Stanford University

Royal Institute of British Architects Stirling Prize 2011 Shortlist Announced in London

Christie's Announces Global Art Sales Total $3.2 Billion in the First Half of 2011

Rare Early Marilyn Monroe Images, First Time at Auction, Offered by Heritage Auctions

Prado Displays Caravaggio's Entombment of Christ, on Loan from the Vatican Museums

Auction of Mike Mitchell's Beatles Photographs He Took as a Teen Soars Over $300,000 at Christie's

Most Popular Last Seven Days



1.- Greece holds breath as skeleton found in Alexander the Great-era tomb at Amphipolis

2.- Spain mourns the death of art collector Cayetana Fitz-James Stuart, Duchess of Alba

3.- Meet the ancestors: Exhibition at Bordeaux gallery reveals faces of prehistoric humans

4.- Getty Foundation and partners launch free of charge online art collection catalogues

5.- Historic photos of dead Cuban revolutionary Che Guevara resurface in small Spanish town

6.- Exhibition showcases the first two 'Poesie' created by Titian following their restoration

7.- O'Keeffe painting sells for more than three times the previous world auction record for any female artist

8.- Crystal Bridges announces the departure of museum President Don Bacigalupi

9.- artnet Auctions offers a later example of Yayoi Kusama's important Infinity-Nets series

10.- 'Degenerate art' should go back to museums: German advisor Jutta Limbach



Museums, Exhibits, Artists, Milestones, Digital Art, Architecture, Photography,
Photographers, Special Photos, Special Reports, Featured Stories, Auctions, Art Fairs,
Anecdotes, Art Quiz, Education, Mythology, 3D Images, Last Week, .

 

Founder:
Ignacio Villarreal
Editor & Publisher: Jose Villarreal - Consultant: Ignacio Villarreal Jr.
Art Director: Juan José Sepúlveda Ramírez - Marketing: Carla Gutiérrez
Special Contributor: Liz Gangemi - Special Advisor: Carlos Amador
Contributing Editor: Carolina Farias

Royalville Communications, Inc
produces:

ignaciovillarreal.org theavemaria.org juncodelavega.org facundocabral-elfinal.org
Founder's Site. The most varied versions
of this beautiful prayer.
Hommage
to a Mexican poet.
Hommage
       

The First Art Newspaper on the Net. The Best Versions Of Ave Maria Song Junco de la Vega Site Ignacio Villarreal Site