The 2022 report from Christie’s and Phillips

Best performance for Christie’s since 2015 in the first part of the year and a new ranking for Phillips: The auction giants confirm their success in the post-pandemic

Christie’s Global President Jussi Pylkkänen assigns Andy Warhol’s Shot Sage Blue Marilyn to New York for $195 million. Courtesy of Christie’s Images Ltd

Growing turnover and new auction records marked the first half of 2022 for the major international companies, again sanctioning their ability to react even in the most critical moments, able to carry them safely through the dangers of a pandemic. Europe’s gates and inflationary and recessive phenomena.

Jean-Michel Basquiat, Untitled (detail), 1982, sold by Phillips for $85 million.  Courtesy Phillips
Jean-Michel Basquiat, Untitled (detail), 1982, sold by Phillips for $85 million. Courtesy Phillips

TURNOVER IN 1ST HALF OF CHRISTIES

The managing director of Christie’sGuillaume Cerutti announced a total revenue of 4.1 billion dollars, with growth of 18% compared to the same period in 2021 and the best overall performance of the British house since 2015, which even exceeds the first half of 2018, which has become legendary for the sales of Rockefeller Fundraising for a record $835 million. And everything happens despite “A challenging economic and political context, partly thanks to the natural resilience of the art market and partly due to the transformation of Christie’s business model in recent years”. The big sale of prestigious collections, from Amman to Bass through the iconic Hubert de Givenchy: Collector. From the Amman collection came Shoot Sage Blue Marilyn (1964) by Andy Warholthe portrait of Marilyn Monroe, which at $195 million became the best lot of the season, as well as the most expensive work from the 20th century ever.

Phillips London Evening Sale, June 2022. © Davide Cossu: Thomas De Cruz Media.  Courtesy Phillips
Phillips London Evening Sale, June 2022. © Davide Cossu: Thomas De Cruz Media. Courtesy Phillips

CHRISTIE’S TECHNOLOGICAL INNOVATION AND ANTI-CRISIS STRATEGIES

There are two main strategies implemented by Christie’s. If, on the one hand, there has indeed been enormous attention to the experience in the presence of the audience returning to the theaters, the most important lever has undoubtedly been technological innovation, which, with perfectly implemented digital tools, has not only maintained activities of the house, but it has also drained new customers and younger collectors. “There is a very strong desire for art and culture among millennial collectors who are also very keen to share this passion on social media”he emphasized Anthea Peersglobal managing director of private sales of Christie’s, a segment that, among other things, showed some signs of decline (with a declared turnover of 600 million against 800 million in 2021), together with the percentage of Asian demand (which accounted for 22%, -40% compared to the first half of 2021) and for the sale of NFT, which Beeple orphans exploit, generated “only” 4.8 million dollars.

Rendering of the new Phillips headquarters in Los Angeles.  Courtesy Formation Association and Phillips
Rendering of the new Phillips headquarters in Los Angeles. Courtesy Formation Association and Phillips

THE FIRST SEMESTER OF PHILLIPS

Revenue growth too Phillips, which with a total amount of 746 million dollars between public auctions and private sales marks + 37% compared to the same period 2021. And in the meantime, after the announcement of the new headquarters in Hong Kong, the house is also preparing for an expansion on the west coast of the United States with the opening of a space in Los Angeles in Nemo Street next October, destined to exhibit the highlights of the auctions, but also exhibitions for private sales designed for the headquarters, as well as a program of talks and events. “This has been an extraordinary growing season”he has declared Stephen BrooksCEO of Phillips, “From our most successful auctions to expansion announcements a Hong Kong and Los Angeles kept the momentum from our record 2021 steady this spring. An enthusiastic market led to the most valuable lot in Phillip’s history – a monumental Basquiat from the collection of Yusaku Maezawa – it attracted attention from all over the world”. is accurate Without title from Jean-Michel Basquiat was the best lot ever to go to an Asian collector for $85 million at 20th Century & Contemporary Art’s New York Evening Sale, which also scored the highest total residential sale, leaving the departments with some optimism for the fall season.

– Cristina Masturzo

https://www.christiesrealestate.com/
https://www.phillips.com/

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