In a morning conference call with reporters, Christie’s CEO Guillaume Cerutti and other executives provided an overview of the auction house’s performance for the first half of the year. In summary, the results were disappointing.
Christie’s recorded auction sales totaling $2.1 billion in the first half of this year, marking a 22 percent decline from the $2.7 billion achieved in the same period last year, amidst an already shrinking art market. Comparatively, the total for the first half of 2022 was significantly higher at $3.5 billion.
Cerutti did not disclose specific figures for private sales. In a similar call last summer, he noted a substantial decrease in these transactions, amounting to $484 million (£388 million), which was 19 percent lower than the figures reported in 2022. At the onset of the pandemic, when public auctions were canceled, there was a notable surge in private sales of high-value artworks at auction houses.
When asked about the lack of disclosure, a Christie’s rep said, “Private sales remain at a high level and continue to make an important contribution to the business.”
Luxury sales at Christie’s also experienced a significant decline, falling by 39 percent to $362 million compared to the same period last year. Sales of 20th- and 21st-century art, which encompassed many of the featured items at their prominent New York auctions in May, decreased by 24 percent to $1.3 billion.
Christie’s executives acknowledged the challenging business environment but also aimed to convey optimism. Francois Curiel, a seasoned executive and jewelry expert serving as chairman of Christie’s Europe, expressed confidence that downturns are typically short-lived.
“Despite a decline in our total auction sales, resilience is the key word to characterize Christie’s results for the first half of the year,” Cerutti said in a statement to press. He also mentioned “a challenging macroeconomic environment.”
Christie’s faced internal challenges as well. Shortly before its major New York sales in early May, the auction house’s website suffered a debilitating hack. When asked by a journalist during the conference call about specifics regarding the hack and whether any ransom demands were met, executives did not provide additional details.
Last month, Christie’s was hit with a class action lawsuit that alleges that it failed to “properly secure and safeguard sensitive information of its customers.” The plaintiffs say that they entrusted their personal information to the auction house “on the mutual understanding that the defendant would protect it against disclosure,” only to have it “targeted, compromised, and unlawfully accessed due to the data breach.”
When asked about the status of the claim, Christie’s rep said that it “will defend the lawsuits vigorously. We do not intend to comment further on this matter.”
Despite its challenges, Christie’s highlighted notable achievements in recent months. Andy Warhol’s Flowers became the highest-selling work ever for Christie’s in the Americas, fetching $35.5 million. Additionally, the auction house generated $640 million from its week of sales in New York in May, where a Van Gogh painting sold for $33.2 million.
During the Asian art week in New York in March, which amounted to $51.8 million in sales, Christie’s noted that one-fifth of the buyers were new to this category. Asian art was among the few categories that experienced a rise in total sales, increasing by 20 percent.
In London, Christie’s achieved a sale of René Magritte’s The Intimate Friend for $43.6 million (£33.7 million) in February. Meanwhile, in Paris, the auction house reported selling nine out of the ten highest-priced lots in France during the first half of the year. Looking towards the Asia-Pacific region, Christie’s expressed anticipation for a significant year ahead. In September, the auction house plans to inaugurate its new Hong Kong headquarters at The Henderson, a centrally located skyscraper designed by Zaha Hadid Architects.
Christie’s remains focused on attracting new and younger buyers from the Asia-Pacific region. The auction house noted that these buyers contribute to 26 percent of spending among new buyers and 38 percent among millennial buyers globally.
