Christie's

Christie's
IndustryArt, auctions
Founded1766; 252 years ago (1766)
HeadquartersLondon, United Kingdom
Area served
Worldwide
Key people
François-Henri Pinault
Guillaume Cerutti (CEO)
ProductsPainting, modern art, fine arts, pop art
ParentGroupe Artémis
Websitechristies.com
Christie's American branch in Rockefeller Center, New York

Christie's is a British auction house. It was founded in 1766 by James Christie. Its main premises are on King Street, St James's, in London and in the Rockefeller Center in New York City.[1] The company is owned by Groupe Artémis, the holding company of François-Henri Pinault.[2] Sales in 2015 totalled £4.8 billion (US$7.4 billion).[3] In 2017 the Salvator Mundi was sold for $450.3 million at Christie's. At that time it was the highest price ever paid for a single painting at an auction.[4]

History

In A Peep at Christies (1799), James Gillray caricatured actress Elizabeth Farren and huntsman Lord Derby examining paintings appropriate to their tastes and heights.

Founding

The official company literature states that founder James Christie conducted the first sale in London, England, on 5 December 1766,[5] and the earliest auction catalogue the company retains is from December 1766. However, other sources note that James Christie rented auction rooms from 1762, and newspaper advertisements for Christie's sales dating from 1759 have also been traced.[6]

1979–2000

The Microcosm of London (1808), an engraving of Christie's auction room

Christie's was a public company, listed on the London Stock Exchange, from 1973 to 1999. In 1974, Jo Floyd was appointed chairman of Christie's. He served as chairman of Christie's International plc from 1976 to 1988, until handing over to Lord Carrington, and later was a non-executive director until 1992.[7] Christie's International Inc. held its first sale in the United States in 1977. Christie's growth was slow but steady since 1989, when it had 42% of the auction market.[8]

In 1990, the company reversed a long-standing policy and guaranteed a minimum price for a collection of artworks in its May auctions.[9] In 1996, sales exceeded those of Sotheby's for the first time since 1954.[10] However, profits did not grow at the same pace;[11] from 1993 through 1997, Christie's annual pretax profits were about $60 million, whereas Sotheby's annual pretax profits were about $265 million for those years.[12]

In 1993, Christie's paid $12.7 million for the London gallery Spink & Son, which specialised in Oriental art and British paintings; the gallery was run as a separate entity. The company bought Leger Gallery for $3.3 million in 1996, and merged it with Spink to become Spink-Leger.[13] Spink-Leger closed in 2002. To make itself competitive with Sotheby's in the property market, Christie's bought Great Estates in 1995, then the largest network of independent estate agents in North America, changing its name to Christie's Great Estates Inc.[8]

1998 takeover

In December 1997, under the chairmanship of Lord Hindlip, Christie's put itself on the auction block, but after two months of negotiations with the consortium-led investment firm SBC Warburg Dillon Read it did not attract a bid high enough to accept.[12] In May 1998, François Pinault's holding company, Groupe Artémis S.A., first bought 29.1 percent of the company for $243.2 million, and subsequently purchased the rest of it in a deal that valued the entire company at $1.2 billion.[11] The company has since not been reporting profits, though it gives sale totals twice a year. Its policy, in line with UK accounting standards, is to convert non-UK results using an average exchange rate weighted daily by sales throughout the year.[14] In 2002, Christie's France held its first auction in Paris.[15]

Like Sotheby's, Christie's became increasingly involved in high-profile private transactions. In 2006, Christie's offered a reported $21 million guarantee to the Donald Judd Foundation and displayed the artist's works for five weeks in an exhibition that later won an AICA award for "Best Installation in an Alternative Space".[16] In 2007 it brokered a $68 million deal that transferred Thomas Eakins's The Gross Clinic (1875) from the Jefferson Medical College at the Thomas Jefferson University in Philadelphia to joint ownership by the Philadelphia Museum of Art and the Pennsylvania Academy of the Fine Arts.[17] In the same year, the Haunch of Venison gallery[18] became a subsidiary of the company.[19]

On 28 December 2008, The Sunday Times reported that Pinault's debts left him "considering" the sale of Christie's and that a number of "private equity groups" were thought to be interested in its acquisition.[20] In January 2009, the company employed 2,100 people worldwide, though an unspecified number of staff and consultants were soon to be cut due to a worldwide downturn in the art market;[21] later news reports said that 300 jobs would be cut.[22] With sales for premier Impressionist, Modern, and contemporary artworks tallying only US$248.8 million in comparison to US$739 million just a year before, a second round of job cuts began after May 2009.[23] Guy Bennett resigned just before to the beginning of the summer 2009 sales season.[24] Although the economic downturn has encouraged some collectors to sell art, others are unwilling to sell in a market which may yield only bargain prices.[22]

2010 onwards

On 1 January 2017, Guillaume Cerutti was appointed chief executive officer.[25] Patricia Barbizet was appointed chief executive officer of Christie's in 2014, the first female CEO of the company.[26] She replaced Steven Murphy, who had been hired in 2010 to develop their online presence and launch in new markets, such as China.[27] In 2012, Impressionist works, which dominated the market during the 1980s boom, were replaced by contemporary art as Christie's top category. Asian art was the third most-lucrative area.[14]

With income from classic auctioneering falling, treaty sales made £413.4 million ($665 million) in the first half of 2012, an increase of 53% on the same period last year; they now represent more than 18% of turnover.[28] The company has promoted curated events, centred on a theme rather than an art classification or time period.[29]

As part of a companywide review in 2017, Christie's announced the layoffs of 250 employees, or 12 percent of the total work force, based mainly in Britain and Europe.[30]

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