London 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, 19^th 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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Piet Mondrian, Composition No. III Red, Blue, Yellow, and Black (1929), via Art Observed

The auction week has come and gone, and Christie’s has closed out a major week for both its Impressionist/Modern and Contemporary Departments, as the combined sales of its three Evening events this week have collectively brought in well over a billion dollars in sales.  This Evening, the Impressionist and Modern Evening sale added an exclamation point to the proceedings, bringing in a final tally of $202,608,000 that saw a major new record for Piet Mondrian. (more…)

Lucian Freud, Benefits Supervisor Resting (1994), via Art Observed

Christie’s has concluded the first days of Frieze week in style tonight, continuing its impressive performance over the course of the Contemporary Auction week with a strong sale tallying $658,532,000.  Selling 72 of the 85 lots offered, the sale saw several major records fall during the course of the evening, signaling the intense enthusiasm for the contemporary market both in the U.S. and abroad. (more…)

Continuing a week of announcements regarding next month’s auctions, Christie’s has revealed that it has acquired the Sonnabend Collection for its May sales in New York, valued at $50 million.  The Collection has never before been offered on the secondary market.  “Many of Sonnabend’s exhibitions helped determine the course of art history in the late 20th Century,” says Laura Paulson, Christie’s chairman for post-war and contemporary art. “She discovered and promoted some of the most significant artists of her time.” (more…)

Francis Bacon, Study for a Head (1955), via Christie’s

Another night of sales has come and gone in London, following the conclusion of Christie’s Contemporary Evening Sale, a somewhat textbook outing that saw the auction house forego a reliance on high-achieving works in favor of a series of strong selling works to reach a final tally of £117,142,500.   (more…)

Little more than one week has passed since Christie’s CEO Steven Murphy announced he will be leaving his post, but the auction house is already seeing more position changes, as Doug Woodham, president of its Americas division for the past two years, has announced he will step down.  Jussi Pylkkanen will be taking over for Murphy.  “Jussi Pylkkanen will be responsible for the global management of Christie’s art specialist community and for the global development of client engagement,” Christie’s said in a statement. (more…)

The Wall Street Journal profiles the work of Xin Li, the former professional basketball player and model who has become Christie’s top resource in courting billionaire Asian collectors as its Deputy Chairman for the continent.  “I used to get up at 5 a.m. to go to play basketball in minus-30-degree weather,” Ms. Xin says during the interview. “I learned how to focus.” (more…)

This November, Christie’s will be selling a rarely seen sculpture by Willem de Kooning, one of the few works the artist created in the medium.  “It is a depiction of the artist himself,” says Brett Gorvy, Christie’s worldwide chairman of postwar and contemporary art. “It is the closest de Kooning came to a self-portrait and was created specifically at a time when he was pushing the boundaries.” (more…)

The Wall Street Journal takes a look at a set of works by Cy Twombly and Martin Kippenberger on sale next month at Christie’s in New York, which are already commanding impressive estimates.  Twombly’s untitled 1970 canvas of white looping scrawls is estimated to potentially sell for up to $50 million, while Kippenberger’s self-portrait will look to achieve $15 million and $20 million. (more…)

Just as Sotheby’s is preparing its first pop-up sale in Silicon Valley, rival Christie’s has also entered the fray, announcing a similar event in California focused on works by Roy Lichtenstein, Jasper Johns, and more, alongside works by young artists including Korakrit Arunanondchai. “While it is well known that the Bay Area is home to some of the most impressive collections in private hands, it has recently become evident that it is also one of the most robust emerging markets for art collecting with a growing group of young and new collectors,” says Christie’s Post-War specialist Charlie Adamski. (more…)

The Telegraph profiles Christie’s upcoming London sale of works from the Essl Collection, Austria’s largest private collection of contemporary works.  The sale, featuring pieces by Gerhard Richter, Paul McCarthy, Louise Bourgeois, and Alighiero Boetti, is estimated to bring in up to £60 million next month, making it the most valuable sale of a single collection in auction history.   (more…)

An article in the Wall Street Journal takes a closer look at how auction houses such as Christie’s and Sotheby’s vigorously recruit new collectors. Seeking fortunes large enough to sustain multi-million dollar sales, these auction houses keep a close eye on a new crop of billionaires that has been springing up over the past few years in areas like the Balkans and Central Asia. The courting ritual employed by the houses includes children’s parties, personalized tours, VIP passes, and, in one case, a hand-crafted needle-point pillow. (more…)

Phillips Auctioneers has appointed Edward Dolman as its new chairman and chief executive officer. Dolman comes to Phillips after three years as the executive director and acting chief executive of the Qatar Museums Authority in addition to 27 years working at Christie’s, during which time he rose to the rank of chairman and CEO. As chairman of Phillips, Dolman follows in the steps of Simon de Pury, who left the position in late 2012 after selling control of the auction house to the Mercury Group, a Russian luxury goods distributor. With the help of funding from the Mercury Group, Dolman plans to recruit talent that will help Phillips prosper as it relocates to new, large headquarters in London.  (more…)

An article in the New York Times reports on a recent wave of high-profile announcements from some of the world’s most prominent auction houses in attempt to gain the upper hand in the upcoming fall sale season. Among these announcements is the news that Sotheby’s will partner with eBay while Christie’s will expand with a house in Shanghai and Phillips de Pury will unveil a impressive new space in Mayfair. While these announcements might project an attractive appearance of prosperity and growth, the article contrasts them against the inherent instability of public sales, comparing the auction market to a “Baked Alaska dessert — firm and shiny on the top, but soft in the middle and on the bottom.” (more…)

A 30-inch statue representing the god Sekhemka broke the world record for highest auction price of an Egyptian artwork last Thursday at Christie’s London. The statue, sold by the Northampton Museum and Art Gallery, was estimated to sell for $7 to $11 million, but sold for over double its estimate, going to an anonymous bidder for $27 million. The museum has drawn criticism over the decision to sell the statue to fund a future expansion. “No other items from the museum’s collection will be sold off. “Sekhemka was an exceptional case,” said David Mackintosh of the Northampton Borough Council.

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Tracey Emin, My Bed, via Christie’s

The sales have ended on Christie’s Contemporary Evening Auction in London, following a lengthy 75-lot sale that brought in a final sales tally of $170,537,894.  The evening was marked by moderates sales on most lots, often falling within sales estimates, with a few surprises scattered throughout the evening’s offerings. (more…)

Charles Saatchi will offer Tracey Emin’s iconic My Bed piece for sale this July at Christie’s in London.  The work, which Saatchi bought for £150,000 in 2000, is estimated to sell between £800,000 and £1.2m, a price which Emin  is “philosophical” about.  “It’s still my bed. I love it,” the artist says. (more…)

Andy Warhol sells at Christie’s, via Art Observed

The contemporary art auctions this week were set off on a bounding start last night, as Christie’s opened its new auction event “If I Live I’ll See You Tuesday” to thunderous results, capping a 35 lot auction that sold all but one work, and achieved a final sales tally of $134 million, as well as a number of world auction records for the artists on sale.

Martin Kippenberger, Untitled (1988), via Christie’s (more…)

The New York Times reports on Christie’s auctioneer Loic Gouzer’s new evening auction event, focusing on contemporary and emerging artists.  Gouzer’s first auction of the project, to be held on May 12th in New York, will compete with Phillips Auction House’s contemporary sale on the same night, and features work from Richard Prince, Wade Guyton and Cady Noland.  “When I look at the quality and the buzz,” Gouzer says, “I think people will want to be there.” (more…)

Christie’s New York Impressionist and Modern Auction on May 6th will sell off over $34 million in art from the collection of late collector Edgar Bronfman, Bloomberg reports.  The sale will feature strong works from Picasso, Matisse and Monet, among many others. (more…)

A recent article in the Wall Street Journal points to the immense influence currently held by hedge fund managers in the global art market.  With managers like Daniel Loeb shaking up the corporate structure at Sotheby’s, and a growing number of hedge-fund billionaires entering the auction market, the high-price works of the art world have become something of bargaining chips in a major equity game.  “The rest of us are just sitting on the sidelines,” says Len Riggio, founder of Barnes & Noble. “I go to auctions now and feel like a witness—I watch, shake my head, and go home.” (more…)

Christie’s has announced its final sales figures for 2013, and the auction house is claiming a world record for sales during 2013, with a $7.13 billion final tally.  The final total is a 14% increase on last year’s numbers, and sees a $5.9 billion of the sales coming from auctions, beating out competitor Sotheby’s, which achieved a sales total of $5.1 billion at auction.  The auction house also boasted considerable increases in sales for each region worldwide. (more…)

A number of iconic works from the early years of the YBAs will go on sale at Christie’s in London next month.  Offered by commodities trader Frank Gallipoli, the works were all part of Charles Saatchi’s iconic Sensation show in 1997, including pieces by Tracey Emin and Jenny Saville, and are being cited as a test of the market for works from the 1990’s British movement, which some believe may have passed their market peak. (more…)

The Wall Street Journal reports that two sources close to the record-setting sale of a Francis Bacon triptych last year at Christie’s have said that the work was purchased by Elaine Pascal Wynn, the billionaire ex-wife of casino mogul Steve Wynn.  While her motives are unclear, sources state that she purchased the work through dealer Bill Acquavella, who placed the $127 million bid by phone. (more…)