According to Guillaume Cerutti, CEO of Christie's auction house, by the end of 2020, total sales at Christie’s fell significantly, amounting to £3.4 billion. Notably, in comparison with 2019, this figure plunged by 25% or by £1 million. Auction houses in Asian countries had brought the highest yield, especially the one in Hong Kong, Guillaume Cerutti pinpointed.
Of course, the main reason for the sharp drop in auction sales was the negative consequences of the coronavirus pandemic, which led to the cancellation of live auctions. Besides, experts noted that demand exceeded supply. However, by the end of 2020, the market is relatively stable, Christie's CEO points out. "We believe the demand will remain strong in 2021. The appetite for objects and works of art is very strong across the world. On the supply side we believe it will be a much better year. Delayed decisions to sell are expected and some important estates are coming up in the US. We have a strong pipeline for next year and we are reasonably confident," he said.
In July of this year, Christie's introduced a new online format for ONE, making it a single sale that takes place in sequence in Hong Kong, Paris, London, and New York. During those actions, the artworks of the 20th century were exhibited. Over four hours, the auction house managed to earn more than $420 million. According to analysts, works of modern art were the most expensive. For example, 90% of the lots sold for more than $25 million were artworks of contemporaries and modernists.
In autumn, the auction took place in consecutive sessions in Hong Kong, Paris, London, and New York. Judging by the results, analysts surmise that London is losing its status as the world capital of contemporary art amid problems with Brexit. At the same time, such European cities as Paris and Milan are lagging far behind Asian ones. Buyers from Asia quickly adapted to the online auction format, actively acquiring works of classical and modern Asian and European Art. Jewelry, collectible watches, and bags have been in great demand.
Auctions in Hong Kong attracted more money than in other countries. For instance, Patek Philippe's watch, an 18k yellow gold perpetual calendar chronograph with moon phases, was sold there for 15 million Hong Kong dollars. Experts estimated that 9 new price benchmarks out of 10 for works of modern art were set during the Hong Kong auction. In 2020, buyers from Asian countries accounted for 34% of all auction sales, while buyers from the US totaled 33%. This year, the Asian market had overtaken the American market for the first time.
The main discovery of the outgoing year was an increase in the number of private sales. Compared to last year, they soared by 57% to £987 million.