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RAPAPORT... Strong jewelry sales helped spur Christie’s International performance in the first half of 2008 as total company sales rose 10 percent to GBP 1.8 billion ($3.5 billion.)
The auction house said it had record sales results in each of the jewelry and watches; impressionist and modern art; post-war and contemporary art; and Asian, Indian and Arab art categories.
Jewelry, jadeite and watches sales rose 34 percent to GBP 140 million ($275 million,) with Asian art being the biggest growth area, up 63 percent to GBP 239 million ($469 million.)
Among the jewelry highlights for the auction house during the half year, were the June sale in London at GBP 15 million ($29 million,) which was a record for a jewelry auction in the U.K. Similarly, its New York sale in April was the most valuable jewelry auction ever held in the Americas valued at GBP 25 million ($49.9 million.) Both of these were topped by the Hong Kong sale, which was the most valuable jewelry sale ever organized by Christie’s globally with a total GBP 30.4 million ($60.1 million) sold.
Asia and the Middle East were the core growth regions for Christie’s where total sales increased 81 percent to GBP 179 million ($351 million.) Sales in Europe rose 6 percent to GBP 837 million ($1.6 billion,) while in the United States fell 1 percent to GBP 631 million ($1.2 billion) during the six month period. The remaining GBP 153 million ($301 million) of total sales came from private sales brokered by the company.
Christie’s auction sales were up 8 percent from the same period in 2007, the company said.
“Christie’s robust results for the first half of 2008 reflect the ongoing strength of the international art market,” said Edward Dolman, chief executive officer, Christie’s International. “Christie’s ability to source the rarest, most beautiful and impressive works of art in all categories underpins our continued art market leadership and success. Collectors across the globe have remained active and confident, despite more uncertain economic conditions in some regions.”
“Christie’s extensive international network has introduced an increasing number of buyers to the international art market from growth markets including Russia and the CIS states, the Middle East, India and China,” Dolman added.
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