At Christie’s in H1 2012, $1m Works Fall by 10% but $10m+ Works Rise by 50%

Here are some highlights from Christie’s release of its H1 figures not covered in the press last night. Remember that new CEO Steven Murphy has staked his ambitions on shifting more volume to private sales and increasing internet sales. Hence you get the emphasis on visitors to the website and a jump in bidding on Christie’s LIVE.

Nonetheless, it is worth noting that the Christie’s own numbers confirm the shift away from the middle market as the number of $1m works sold dropped by 10% but the $10m+ category rose by 50%:

13% INCREASE ON CORRESPONDING PERIOD LAST YEAR (IN £)

NEW CLIENTS REPRESENT 19% OF ALL REGISTERED BIDS

31% INCREASE IN ASIAN CLIENTS REGISTERING TO BID IN NY AND LONDON

20% INCREASE IN VISITORS TO WWW.CHRISTIES.COM

15% INCREASE IN NUMBER OF CLIENTS BIDDING VIA CHRISTIE’S LIVE™

In the first six months of 2012, Christie’s sold 340 works at auction for over $1 million (376 in the same period 2011) and 26 for over $10 million (18 in the same period 2011). Average sold rates (by lot) stayed at 79%, on a par with the previous 2 years. The market at more accessible price levels also performed strongly; Christie’s South Kensington saleroom, which offers works of art from under £1,000, built on two consecutive years of record sales, recording its highest ever total for a corresponding period.

Looking forward, Christie’s will launch the first in a series of online-only auctions for a global collecting category in August with a sale of fine and rare wines.