Taking the business of art online, the Christie's way

What has been internationally locked down are the exhibits of physical art, the excitement of an auction saleroom and the everyday life of becoming part of a busy group of art collectors. Yet as auction houses are gradually reconfiguring and virtualizing, online transactions are making a significant contribution to keeping the art industry going.

A case in point is the British auction house, Christie’s, which not only increased the amount of its online sales by 73 percent between January and July 2020 compared to the same period in 2019, but will continue to sell a stunning 28-carat D colored diamond ring, priced at USD 1-2 million, in their online Jewels sales which will open in June — ‘the highest value lot ever online setti sold.(You can search any company detail of United Kingdom by its number. )

“In the old days, about a quarter of our revenue was created by internet and online sales. That’s going to change. Now is the moment of truth for online sales. Christie’s will continue to invest in online sales and our digital experience, realizing that this is our primary platform for attracting new customers and bidders,” said Dirk Boll, EMEA President Christie in an online press conference. He noted that the art industry has shifted online with no live sales and that more and more people are looking to purchase art online.

The auction house is introducing a modern, innovative online auction model on July 10, available to both in-person and online audiences in its ‘ONE: A 20th Century Global Auction.’ Using streaming technology, this will be real-time relay-style auction around time zones from four of the main hubs in the art world: New York, London , Paris and Hong Kong.

“Our strong activity in online sales and private sales, together with our organization’s strict cost management and financial stability, will help Christie’s tackle the impact of the current crisis. While our live auctions were suspended or postponed this Spring due to the COVID-19 situation, we immediately adapted our offerings by undertaking a major expansion of our online-only sa.

“These expanding activities, along with strict cost control, will allow us to resolve the unprecedented challenge COVID-19 imposes on our economies,” said a message from Guillaume Cerutti, CEO of Christie.

On the state of their offices worldwide, Christie’s said they “reopened offices worldwide slowly.” Christie’s is available in Asia, according to Bertold Muller, managing director at EMEA. Nevertheless, its Mumbai office remains closed and Muller said the company expects a cautious approach to reopening in June. Because of the Coronavirus pandemic Mumbai is highly affected.

Select offices are open in Continental Europe and the Middle East in Amsterdam, Geneva, Tel Aviv, Vienna and Zurich. Offices remain closed in the United Kingdom and the Americas other than to essential staff at their UK headquarters. The business is working in the UK to reopen their office on London King Street from June onwards. In Paris in particular, according to Christie ‘s authorities, plans are underway for their live sales to begin from May 26 on at Avenue Matignon galleries.

The auction house said it will partner with amfAR, The Foundation for AIDS Research, in the coming months to raise critical funds for COVID-19 research through this summer’s dedicated auction entitled ‘From the Studio’ featuring works donated by collectors and artists.

“It is our love for art and artifacts that helps to sustain us all through this difficult time,” the CEO of Christie signed off.