Masterpieces of art, one-owner collections and luxury goods propelled Christie’s to global sales of 4.06 billion euros in the first six months of 2022. This is best performer since 2015 and topped 2018 when the global auction house sold the Rockefeller collection. The difficult economic and political environment makes these results even more remarkable.
by Andy Warholwas, at $195 million (€193.3 million), the most valuable artwork sold during the semester and the most expensive 20th-century artwork ever sold.
Major collections, such as those of Anne H. Bass ($363.1 M – €359.97 M), Thomas and Doris Ammann ($325.1 M – €322.3 M), Hubert de Givenchy (118, €1 million) or Rosalind Gersten Jacobs and Melvin Jacobs (€42.3 million). m-€41.94m) brought exceptional results. 20/21 auction platforms bring younger and more diverse artists to global auctions. Private sales contributed $0.6 billion (€0.59 billion).
Worldwide luxury sales achieved $413.1 million (€409.54 million) to which online sales organized from Geneva, Hong Kong, London, New York, Milan and Paris contributed $77 million (€76.34 million). €). Diamonds, watches, wines and handbags generated enormous interest.
When Christie’s Milan held its first collection of handbags online this year, no fewer than 53% of new entrants were millennial collectors.
No wonder, then, that Christie’s has accelerated technological innovations and diversified the range of services it offers its clients through live and digital auctions, private sales and art financing to allow them to take advantage of a demand growing for art and luxury.
These changes have resulted in a strong influx of new and younger customers. In the first half of the year, no less than 30% of all buyers were new to Christie’s and about two-thirds of these came from online sales. No less than. 34% were millennials. The largest numbers of new buyers came from the United States, China (Hong Kong), the United Kingdom and France.
There were 48 new records for female artists, including Barbara Hepworth and Lynn Drexler. In London, in June, works by women artists represented 48% of the living artists in the evening sale.
Since the beginning of the year, Christie’s sales have raised 440 million dollars (436.21 million euros) for philanthropic causes. Jeff Koons’ Balloon Monkey was sold for £10.1 million (€11.87 million) in London in June for humanitarian aid in Ukraine. It was donated by Victor and Olena Pinchuk.
Sales have also supported the humanitarian and educational needs of children. In the Americas, Christie’s welcomed its most diverse class of interns to date.
These figures seem to indicate that the global art market is heading towards a more diverse future with more women artists, more artists of color and a large representation of minority groups.
The NFT market was only $4.75M (€4.71M) and is facing its first real test of endurance. According to Christie’s, collectors are responding by picking the best digital artists from the rest and banding together around a group that is more likely to survive the tumult of the broader cryptocurrency markets. In the short term, Christie’s is optimistic about the upcoming fall season led by the Ann and Gordon Getty collection in New York.