Art Investment

Auction marathon is ONE of Christie's brought more than $420 million

7 individual records for works by contemporary artists was delivered during innovative hybrid auction held in four main offices of the auction house

10 July 2020, Christie's held its first-ever marathon, the global auction: the auction was broadcast online in real time and together with those who personally came to the auction rooms, the auction was attended by owners of remote betting.

In total, the auction sequentially broadcast from the halls of auction houses in Hong Kong, Paris, London and new-Йорке went with little technical interruptions, for nearly four hours, which in new hands left 94% of the 79 exhibited for auction. This is an outstanding result, even if you keep in mind that almost half (38) of the lots had a price guarantee from third parties.

According to Christie's, the auction was watched by more than 80 thousand people, 60 thousand of which — viewers from Asia. Rates remote participants accepted online using innovative digital platforms Christie's LIVE Online bidding channel where during the auction were registered 20 thousand unique users. "The concept hybrid bidding format — our path of innovative adaptation. We would like to organize that-то corresponding to the current situation and enable our customers to participate in the auction in any way convenient for them", — said the head of Christie's Cerutti press-конференции on the outcome of the auction. Distribution of customers by geography was quite even: 37 % — from USA, 38 % — from Europe, the Middle East and Africa, and 26 % — from Asia-Тихоокеанского region.

Top-лотом auction was the song Roy Lichtenstein Nude with Joyous Painting (1994) from the series Nudes. With the launch of $20 million in the fight for the work involved several participants on the phone in new-Йоркском office of the auction house. Several times they exchanged in steps of $500 but when the price per lot reached $30 million and one of the candidates made a bid of $35 million, the auction suddenly joined the party from Hong Kong who won in the end, working for a record $46.2 million in the Second and third place with a final price of $30.9 million in the virtual top-три auction shared a minimalist composition by Barnett Newman Onement V, made by the artist in 1952, abstraction Complements diptych 2004 painter Brice Marden, the price of which became a record for works by this author. In addition, in the course of trading, the individual price records were achieved for works by Wayne Thiebaud, Ruth Asawa, Richard Avedon, Takeo Yamaguchi, George Condo and Manolo of Mijares.

with regard to the works of artists of the orbit of Russian art, composition Marc Chagall's "Over Vitebsk" (1923, estimate €500-800 thousand), was sold for €754 thousand, and the landscape of "Agrigento," painted by Nicolas de Stael went for €4 million in the Paris office of the auction house.

Summing up the auction, Alex rotter, head of postwar and contemporary art Christie's, said that the results "showed that the market is ready to new sales formats and new ideas for thinking about collecting art".

Sources: christies.com, artmarketmonitor.com, news.artnet.com


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