Main rivals Sotheby's and Christie's
ARTinvestment.RU   06 сентября 2010

Who saps duopoly titans of the art market?

In the first half of 2010, the market for fine art much alive - revenues from sales of works at a public auction increased by as much as 71%. For this fact quickly seized auction houses, which, in order to stimulate buying activity, projected year-end three-digit growth.

Market Leaders, Christie's and Sotheby's, reported an increase in annual revenue by 67%and 140%, respectively (compared with the first half of 2009). However, before the performance peak period so far away. In the first six months of 2007 the total income of the two companies was up 25%, and in the same period of 2008 - by 20%. If we compare the first half of 2006, it appears that the sale Christie's has increased by only 9%, and Sotheby's - by 0,5%. Both houses Having reported an increase in market share, but it is responsible for the mainly upper-price segment: 62%of total revenues of companies accounted for income from sales of lots, whose price is "the hammer" was a million dollars and above. Such results in the first half was over 340.

Between 2002 and 2008, the two giants have never allowed their smaller rivals to bite more than 30%of the market pie. Since July of 2008, however, the proportion of competitors is growing steadily. In the second half of 2009 it was 46%. For this I should say thank you first of all, Chinese auction houses - Western companies mostly do not use gradual weakening of a duopoly, and globalization of the art market.

third and fourth places in the list of major auction houses occupied by titans Market Celestial - Poly and the China Guardian. They are followed by Phillips de Pury, whose performance in 2001, only worse. Home-based Harry Phillips (Harry Phillips) in 1796-m, c 1999 to 2003, belonged to the owner of LVMH, the French billionaire Bernard Arnault (Bernard Arnault). Then, from Phillips were going to grow to rival Christie's, the main shareholder of which is another well-known businessman, François Pinault (François Pinault). But, despite all efforts, the auction house (which is now owned by Russian group Mercury) in the last eight years have never been able to get more than 4%of the art market. Positioning the company as "a bold innovator" (remember, for example, her widely publicized auction dedicated work on the topic of sex) has special fruit does not bring. In the first half of 2010, Phillips won back only 2%of the global auction revenue.

In France the situation is not much better. First, the market hit tamoshnem scandal obvorovyvaniem customers venerable Hotel Drouot his own staff, and secondly, the French auction houses each year are inferior to foreign competitors more positions. In 2006, Thor-30 auction houses consisted of six "French", but now it there are only three. The most successful of them was Artcurial, who finished in ninth place - just behind the Austrian house Dorotheum.

best in post-crisis period feel, of course, China's market share is steadily growing. Five of the fifteen most successful auction house based in China. Perhaps, in the second half of 2010, Christie's and Sotheby's will re-assert its absolute dominance in the art market - after all, their income in the first six months was larger than the total revenue for the full year 2009, but this would contradict already took shape global trends.

Sources: ,

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