Christie's 2010 Results = $5 Billion

Christie’s 2010 global art sales total £3.3 billion /$5.0 billion

Christie’s released its 2010 sales last night recording its best year. The highlights are listed below but some of the data is worth remarking upon. Sell-through rates remained in the 79% range even as sales volumes grew by 53% suggesting that the bulk of the sales increase came through the rising value of the top lots. Indeed, as lot values rose above $1 million, sell-through rates increased to 90%.

Even though Asian sales were the story in 2010, new markets still only account for less than 20% of auction sales

. Christie’s success comes from a massive recovery in American and UK sales (the company’s 2009 results were supported by the record Yves Saint Laurent/Pierre Bergé sale).

Finally, new clients represented 11% of the volume. The majority of the new clients come from Europe and America. This slightly colors the story that Asian buying is at the heart of the global art market expansion.

Private sales grew 39% to £369.3 million/$572.4 million, representing 11.4% of total sales.
28% of Christie’s Sales Now Secured Online via Christie’s LIVE
In 2010, the number of new clients who registered for a sale rose 22.7% on 2009 and the number who went on to buy in Christie’s sales increased by 13%. The total spend by new clients in Christie’s sales rose 19% and now represents 11% of total sales.
In 2010, average auction sold rates (by lot) were 79.4%, on a par with 2009 (79.7%). Christie’s ability to secure successful results at the higher end of the market was demonstrated by sell-through rates by lot and value in excess of 90% for works priced between £500,000 and £10 million.

Continental Europe with UK £1.1 billion/$1.7 billion (+9% in £, +8% in $)

King Street £725.1 million/$1.1 billion (+61% in £, +59% in $)

South Kensington £104.1 million/$161.3 million (+41% in £, +39% in $)

Paris £146.3 million/$226.8 million (-62% in £, -63% in $)

Switzerland £87.9 million/$136.2 million (+37% in £, +35% in $)

Amsterdam £34.0 million/$52.7million (+11% in £, +9% in $)

Italy £19.2 million/$29.8 million (+17% in £, +15% in $)

Americas £1.3 billion/$2.0 billion (+111% in £, +109% in $)

Asia with Middle East £498.7 million/$772.9 million (+116% in £, +114% in $)

Hong Kong £465.8million/$721.9million (+114% in £, +111% in $)

Dubai £32.9 million/$51.0 million (+157% in £, +153% in $)

Top International Departments – Auction Sales for Full Year 2010