It’s a 67.4 billion dollar global art market, 84% of which is funded by the United States, England and China. Five auction houses combine for over half of the global sales, and of those five Christie’s and Sotheby’s account for over half of all auction sales. Both were founded in London and have a long history. Sotheby’s became the first international auction house, now represented in 40 countries, but Christie’s is the largest; it is now in 46 countries and holds the record for the most expensive work sold…450 million for a piece by Leonardo da Vinci.
The global art market has grown and changed considerably over the last 10-15 years. There has been a significant increase in the number of young collectors that are much more tech savvy and therefore willing to purchase online. Online sales alone have contributed more than 200 million each to the bottom line of Christie’s and Sotheby’s. All auction houses compete for the best works, so when a client is deciding between houses it comes down to client list, marketing, presentation, digital outreach, pricing, and focus.
This is a pretty interesting video that presents the ins and outs of the auction house business. I think you’ll enjoy it.
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John Pototschnik is an Art Renewal Center Living Master. To view his art and bio, please click HERE.
