The Palm Beach Daily News gathered some reactions to the recent news that Christie’s would be closing its offices in the storied home of the very wealthy:
But “I don’t think Christie’s closing its office is an indication of the strength of the collector base in Palm Beach,” Korniloff said.
In fact, “we’ve notice a spike in younger collectors, like the hedge-fund families who have moved from the Northeast to live full-time in Palm Beach,” he said.
Younger collectors tend to hold on to their art longer to give it time to appreciate in value, which could be another reason for Christie’s retreat, he said.
Sotheby’s own office is now a single representative, down from the five-person team that used to handle the region. One reason both houses can reduce their presence is the increased level of contact via email:
Years ago, on-site representatives scouted for pieces in Palm Beach, and collectors visited the office to look at catalogs and discuss possible sales. “That model seems to be gone,” art adviser David Miller said.
Changing art market influenced closing of Christie’s Palm Beach (Palm Beach Daily News)
