All posts tagged Christie’s

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Consumer behaviors are difficult to interpret and trends cannot be predicted based on a single event for such a large and globalized market, so Artvest is looking forward to assessing the Hong Kong Asian Art sales in early October at Sotheby’s and at the end of November at Christie’s to get a better sense of the what can be expected in the Asian art market going forward.

In 1992, a contingent of Chinese government officials made a study tour of New York auction houses to see how the business was run. The following year these officials established China Guardian, the first major auction house on the mainland. It is now the most successful and highly regarded auction house in China, and in […]

The last decade in Asia for Sotheby’s and Christie’s has been phenomenal. While both have strong, resilient brands, deep pockets and sophisticated marketing machines, the mainland auctions pose a lingering, long-term threat to their market share in Asia. When Sotheby’s market capitalization fell to a low of US $0.5 billion in 2009, some speculated that […]

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Michael Plummer of advisory company Artvest points to the market crash of 2008 when there were significant “plain vanilla” guarantees outstanding: “With so much of the house money at stake at such a critical time, can you imagine how tempted they must have been to promote the guaranteed property at the expense of other works in the sale? This is the structural problem with auction houses doing guarantees themselves.”

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The collectors in today’s market are much more cautious and discerning since the market boom and bust. They are more likely to perform their own due diligence, bid aggressively on under-valued works, stay within estimates on property that is fairy estimated, and ignore lots that seem overpriced.

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