Annual sales total £3.92 billion / $6.27 billion – up 10% on 2011
19% of all registered bids at global auctions placed by new clients
Average number of registered bidders per auction up 53% on 10 years ago
Online initiatives drive greater accessibility – inaugural season of online-only auctions attracts 39% new buyers
London/New York/Hong Kong –
The global appeal of art continues to encourage new collectors to acquire works of art. In 2012 the average number of registered bidders per auction was 53% higher than a decade ago, and Christie’s realised worldwide sales of £3.92 billion ($6.27 billion), up 10% on 2011 (figures include buyer’s premium). This includes private sales of £631.3 million ($1 billion), an increase of 26% on the same period last year, and represents the highest annual total in both company and art market history. *Please click on the pdf link above for the full release including top lots from 2012.
Global auctions welcomed bidders from
136 countries highlighting the international appeal of art. 19% of all
registered bidders were new clients.
Christie’s sold 686 works at auction for
over $1 million and 49 for over $10 million. The market at more
accessible price levels represents the majority of transactions and
continues to perform strongly; Christie’s South Kensington saleroom,
which offers works of art from under £1,000, recorded its highest ever
total for the third consecutive year having welcomed a 10% growth in
registered bidders and a 20% increase in total sales. Online-only
auctions attracted 39% new buyers.
Steven P. Murphy, Chief Executive Officer, Christie’s:
“Our
third straight year of record results is a sign that more people in
more places in the world are captivated by art and are seeking to
acquire it, and Christie’s has aligned itself with collectors and their
needs. More importantly, this trend is apparent at every level of the
art market, from under £1,000 to over £50 million, as technological
advancements highlight the appeal and the ease of engaging with
Christie’s and the works of art we handle. Accessibility to the market
is key and we have continued to develop our online presence. In 2012 we
saw a 11% increase in visitors to our website and our inaugural season
of online-only auctions offering works of art, wine, fashion and
memorabilia at accessible prices, attracted a huge number of new bidders
and buyers. We have also continued to pioneer innovative exhibitions
and sales, from supporting the tour of Andrew Wyeth paintings in China
and exhibiting modern and contemporary sculpture at Waddesdon Manor, to
the sale of holdings from the Andy Warhol Foundation which will be
exhibited around the world and offered by both traditional and
online-only auctions, as well as by private sale.”
Post-War and Contemporary art led the
categories with record auction sales of £986.5 million ($1.6 billion) – a
34% increase over 2011. The category saw increased demand at every
level, with a 14% growth in the number of registered bidders for works
of art under £100,000. The Post-War and Contemporary Art Evening Auction
in New York on 14 November realised $412.3 million (£259.7 million)
becoming the most valuable auction ever held in the category. The Post-War and Contemporary
auction in London on 27 June realised £132.8 million ($207.3 million)
becoming the most valuable auction ever held in the category in Europe.
Notable increases were also seen for Impressionist and Modern Art which
realised auctions sales of £623.6 million ($997.7 million) (+14%); and
Old Masters & 19th Century Art which totaled £201.6 million ($322.6
million) (+26%). The highest auction price for the year at Christie’s
was paid for Mark Rothko’s Orange, Red, Yellow which sold on 8
May in New York for $86,882,500 / ₤53,867,150, establishing a world
record price for any contemporary work of art sold at auction. Private
sales continue to represent a growing market realizing £631.3 million
($1 billion) in 2012, an increase of 26% on the previous year.
Christie’s innovative approach and
investment in online initiatives continues to make the art market
increasingly accessible. Having launched Christie’s first Online-Only
auction with the Collection of Elizabeth Taylor in December 2011, there
were six further online-only auctions in 2012, offering art,
memorabilia, fashion and wine, and at which an average 39% of buyers
were new to Christie’s. The website, www.christies.com,
welcomed an 11% increase in visitors from the previous year. 27% of all
bidders participated via the internet and Christie’s LIVE™ saw a 4%
increase in registrations compared to the previous year. In November in
New York, Edward Hopper’s October on Cape Cod sold for $9.6
million to an internet bidder, setting the highest price for a work of
art sold online at an international auction.
European and U.S. clients accounted for
75% of sale registrations. While sale totals for Asian Art and auction
sales in Hong Kong decreased from the record levels of 2011, Asian
clients represented 19% of registered bidders at global sales, a 1%
increase on 2011. An increased participation of Asian collectors at
global sale sites was evident at every level of the market, from
Rembrandt’s A Man in a Gorget and Cap which sold at the Evening auction of Old Master and British Paintings on 3 July in London for £8.4 million ($13.2 million), to Christie’s South Kensington which saw a 10% increase in new registered bidders from the region.
