LONDON – Christie’s today announced record results with art sales of £5.1 billion, up 12 percent ($8.4 billion), for the year ending December 2014. This figure is the highest total for Christie’s or any art company in the history of the market.
Sales figures were driven by an increase in activity across all geographies and strong sales of works of the highest quality, particularly in the Post-War & Contemporary Art, Impressionist & Modern Art and Jewelry departments. All sales platforms increased during 2014 with auction sales up 10 percent to £4.2 billion ($6.8 billion), private sales totaling £916.1 million up 20 percent ($1.5 billion) and eCommerce sales realizing £21.4 million, up 54 percent ($35.1 million).
“Christie’s sales grew by 12 percent during 2014 and the team has succeeded by focusing on the art and connecting it to a growing global audience,” said Patricia Barbizet, chief executive officer, Christie’s. “We continue to lead the art market by offering the broadest opportunity to collectors globally. The top end of the market grew during the year as evidenced by the 48 percent increase in works sold above $10 million. Our strategy to develop in new markets such as China and India and in new channels such as private dales and eCommerce, has further propelled the global growth of our business. Our focus remains on serving our clients whenever and however they choose to connect with art, through auctions, exhibitions or online.”
Strong Performances Across Collecting Categories
Post-War and Contemporary Art had its best year ever with total sales of £1.7 billion ($2.8 billion) up 33 percent on 2013. This made a significant contribution to the results for 2014 and was led by Christie’s fall evening sale in New York, which realized $852.9 million, the highest total ever for an auction in the history of the art market. The Impressionist and Modern Art department saw a 14 percent increase to £732.5 million ($1.2 billion) with strong sales across all locations highlighted by the sale of Edouard Manet’s Le Printemps (Springtime) for $65,125,000 to the J. Paul Getty Museum in Los Angeles. A record year in luxury goods included jewelry sales totaling £460.2 million ($754.7 million), a global year-on-year increase of 7 percent, resulting in the 20th successive year of auction market leadership. Decorative Arts was up 9 percent, with the inaugural Exceptional sale in New York in December, realizing $41.3 million, highlighted by a beautiful bronze sculpture by Adriaen de Vries bought by the Rijksmuseum in Amsterdam for $27,885,000.
All Art Sales Channels Increase Auction sales continue to be the primary driver of activity with robust global growth of 10 percent year-on-year at £4.2 billion ($6.8 billion, up 15 percent). Christie’s sold 86 works of art for over $10 million each during 2014, up 48 percent and 870 lots were sold for over $1 million during the year, up 19 percent. Private sales grew 20 percent totaling £916.1million ($1.5 billion).
New exhibition spaces were opened in New York, Hong Kong and Shanghai, and a busy, creative schedule drew new clients to view well received shows including among others the “Bad Shepherd” in London’s Mayfair, “The Year of the Horse” shown in Hong Kong and Shanghai and works by Michele Oka Doner at Rockefeller Center in New York. Online-only sales totaled £21.4 million ($35.1 million), a 54 perecent increase, driven by the 78 eCommerce sales held across 21 different categories. Buyers on the online platform came from 69 countries with 32 percent new to Christie’s and 42 percent of new buyers under the age of 45.
The highest price for a work of art in the live auction room via Christie’s LIVETM was Tyeb Mehta’s (Untitled) Falling Bull, which sold for $2.8 million in the India sale in December in Mumbai. Total sales for online buying via LIVETM and eCommerce were $178 million.
Digital Access and Geographic Development Invites New Audience to Collect
Thirty percent of all buyers were new to Christie’s in 2014 and a growing digital audience was echoed by a 39 percent increase in footfall to the Christie’s King Street headquarters in London. Also in 2014, Christie’s opened a second office in India in New Delhi and the stunning new Ampire Building on the Bund, Shanghai. While Auction sales in Asia totaled £514.8 million, down 14 percent ($844.1 million), 2014 saw an increase in spending globally across categories from Asian clients, up 18 percent, with growing activity in many sale categories. Asian clients accounted for 27 percent of all sales globally
Clients in the Americas acquired 38 percent of sales, an increase in spending of 13 percent on 2013 and accounted for the largest volume of new buyers to Christie’s. Buying from clients in EMERI countries represented 35percent of total auction sales, with sales up in Europe by 20 percent. New buyers from the Middle East increased by 23 percent from 2013.