Competitors come to Sotheby's heels
ARTinvestment.RU   08 июня 2008

Representatives of Sotheby's, Christie's and the dealers comment on the situation on the art market

According to The Art Newspaper, circulation of the British auction Sotheby's in the first three months of 2008 fell to 18.1 million dollars (12%) compared to the same period last year. Profit for the period decreased by 12.4 million dollars, while for the I quarter of 2007 it grew to 24.3 million.

Representatives of the auction said, «because of the lack of stability in the economy», the total amount of guarantees granted to sellers of works of art, has fallen from $ 500 million to 350 million. However, this has led Sotheby's sellers to offer other benefits, which led to a drop in profits.

In a conversation with analysts Art Market general director of the auction house, Bill Ruprecht said that the demand for superdorogie work remains stable, but pressure from chief competitor, Christie's, has become ever more aggressive. The competition is highest in the area of trade works Impressionist, Modern and postwar art. Benefits, recently introduced the two main auction houses, including the return of the seller of the auction house commission paid by the buyer (Buyer's Premium). George Sutton, an analyst with Wall Street, said that «at the present time, the benefits provided by the seller, continues to grow, and in this area leads Christie's».

According to Mr. Ruprecht, Christie's had to go to such measures because of the fact that his chief rival - Sotheby's - share in the market anymore. Representatives of Christie's declined to comment on this issue.

Recently, Sotheby's announced an increase in per cent, levied from the buyer in addition to «auction» price. Now buyers pay 25% of the first 50 thousand dollars from the price, which took the work (the earlier the same amount paid to the first 20 thousand), 20% of the price not to exceed 1 million (before it was 500 thousand) and 12% of the purchase in the Used on higher amount.

Art dealer Richard Faygen believes that the Commission is so grown up that this auction will go home only to the detriment of: because of too large size «Dani», many buyers prefer not to contact the auction houses, and turn to dealers.

Representatives of Christie's did not disclose if they want to also increase the fees, but said that at the present time «consider the question».

On the evening auction Sotheby's, held in May, New York, the auction house gave the assurance at a cost of 53 of the potential 305.7 million dollars. Of these works, only five remained unsold. Others also had 308.8 million dollars.

Source: http://www.thearrtnewspaper.com



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