News ID: 271418
Published: 0248 GMT July 12, 2020

Christie’s global online auction raises $421m, sets new record

Christie’s global online auction raises $421m, sets new record

Christie’s four-hour live-streamed marathon sale ‘ONE: A Global Sale of the 20th Century’ raised 421 million US dollars from Friday to Saturday. The auction relayed in sequence from Hong Kong, Paris, London and New York.

The first global relay-style four-venue auction was promoted as a digital attempt to revamp the art industry during the COVID-19 pandemic, cgtn.com reported.

This is a way to “engage the collecting community by bringing the art to people, if people can’t come to the art," said a specialist at the auction house in Manhattan.

Apart from Christie’s, Sotheby’s held its 20th century and contemporary art auction on July 2, fetching 41.1 million US dollars in 25 lots that were 100 percent sold.

The numbers paint an optimistic picture of global strength in the art market after pent-up demand art festivals, galleries and live auctions were forced to shut down after the COVID-19 outbreak.

The total auction revenues of Christie’s, Sotheby’s and Phillips’ were down by 40 percent in the first quarter, compared to the same period last year, according to the London art analytics company Pi-eX. They’re trying to find new auction formats to re-engage their buyers around the world.

 

 

   
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