Sales in Art Market are Breaking Records but Growth is Showing Signs of Slowing Down

July 23rd, 2015

christies 2011 contemporary art auction7London based auction house Christie’s International PLC said that in the first half of the year, it sold £2.9 billion ($4.5 billion) of art, an increase of 8% from the same period last year. However, Christie’s old master paintings, 19th century European paintings, Russian art, and luxury goods are struggling with diminishing sales growth. “Sellers of blue-chip artworks are getting choosier about where and when they put their pieces up for sale and for how much,” explained Christie’s global chief operating chief, Stephen Brooks. Additionally, a large number of Christie’s clients from the first half of the year were bidding for the first time, a coping strategy is “to find artworks that appeal to novice and seasoned bidders alike,” said Mr. Brooks.

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