P R E S S R E L E A S E

FO R I M M E D I A T E R E L E A S E | 2 0 J u l y 2 0 1 6

CHRISTIE’S ART SALES TOTAL £2.1 BILLION IN FIRST HALF OF 2016

Christie’s Continues to Lead Global Art Market

Curated Sales and Marquee Weeks Drive Strong Sell Through Rates and Record Prices

Strong Demand for Masterpieces Led by Henry Moore Record Price

36% Increase in New Buyers in price bands £1m - £5m

E-commerce sales increase by 96%, with LIVE and online sales reaching $100m

London – Christie’s announces sales of £2.1bn ($3bn), for the first half of 2016, compared to £2.9bn ($4.5bn)

for the same period in 2015. The results are underpinned by a strong, diverse global buyer base, growth in

online and the volume of lots sold for under £1 million. Sales volumes are down by 29%, mainly due to the

impact of a drop in supply of works of art above £20 million at auction, with 29 lots selling over £5m versus

47 lots in same period in 2015.

Highlights:

Carefully selected and curated sales continue to appeal to buyers and demonstrate collectors’

appetites for cross-category offers, both in the real-time auction and online platforms. The Defining

British Art Evening sale in June, celebrating the 250th anniversary of Christie’s, realised sales of

£99,479,500/$133,203,051. Bound to Fail led the New York May evening sales and achieved

$78,123,250/£54,027,144. Classic Week in New York in April achieved $70,142,751 and saw a 16%

increase in sell-through rate for the Old Master category.

Demand for masterpieces by top collectors continues with 88% of all works offered over £5 million

globally selling, led by Henry Moore’s Reclining Figure: Festival (see above) sold in London in June,

one of many world records achieved over the season of sales.

New buyers account for 25% of all buyers in the first half of 2016. New clients in the Americas

increased by 22%, with the New York saleroom bringing in 21% of new buyers globally. Asia and

EMERI also accounted for 19% and 44% of new buyers respectively. 36% more new buyers

participated at the price point £1 million and £5 million.

E-commerce sales grew 96% in the period from £9.9m ($15.3m) in the same period in 2015 to

£19.4m in 2016 ($28m), reflecting success of investment in online capabilities. This growth was due

to an increase in the number of sales offered, with 92% sell-through rates by value and 33% of lots

sold at or above the high estimate. The average value of an online lot was $8,251 (excluding Wine).

The number of clients buying through online-only sales increased 60%, with 26% (up from 16%) of

A very rare ‘Dragon’ Jar

realises HK$158,040,000

during 30 Years: The Sale in

Hong Kong in May

Henry Moore, Reclining Figure:

Festival sets a w orld record for the

artist at auction, realising £24,722,500

in 250th anniversary sale

The Oppenheimer Blue

realises CHF56,837,000,

setting a w orld record for a

jew el at auction

El Greco’s The Entombment of

Christ, realises $6,101,000 during

Classic Week in New York as new

buyers explore the category

© S

usan Y

oung

new buyers choosing an online sale for their first transaction with Christie’s. Total sales acquired

online (via LIVE or online only sales) has reached $100 million.

2016 has already marked a year of anniversaries for the company. This June the 250th anniversary

was launched with the acclaimed Defining British Art Evening sale and Loan Exhibition; in March

Christie’s celebrated 10 years of auction business in Dubai with a series of sales across three days

including a specially curated sale, Dubai: Now and Ten; and in May, the 30th anniversary of Christie’s

Hong Kong sale, 30 Years: The Sale, exceeded the high sale estimate, achieving

HK$631,560,000/US$81,712,921.

A Private sale treaty of two masterpieces by Rembrandt van Rijn of Maerten Soolmans and his wife

Oopjen Coppit was secured for the Louvre & the Rijksmuseum.

“There is continued global demand to acquire works of art and Christie’s again leads the art market.” Patricia

Barbizet, Christie’s Chief Executive Officer stated. “Our total focus is on curating sales to meet collector’s

demands while satisfying our sellers by ensuring the highest possible number of bidders on each lot. This is

clearly demonstrated in the solid sell-through rates. We continue to bring to our consignors the broadest

reach of international buyers, which increase season by season. To our buyers, we continue to offer them

the greatest quality of art through our ongoing sales program including the highly successful, carefully

conceived marquee sale weeks. We strive to offer our clients the highest quality works to assist in their

passion for collecting art. At the same time, we continue to enhance our digital platform to reach an ever

increasing audience and to allow greater, easier access for interaction with the world of art we inhabit.”

Sales in America achieved a total of £729.8m for the period ($1.1bn), compared with £1.4bn for the same

period in 2015. Clients from the region acquired 33% of sales. The EMERI region sales totalled £736.5m

($1.1bn) compared with £835.5m and European clients accounted for 39% of sales. Sales in Hong Kong

achieved £256.5m ($369.3m), compared with £287.1m ($444.1m) in the period for H1 2015. Asian buyers

account for 28% of global sales. Auction sales totalled £1.7bn ($2.5bn), Private sales totalled £322.1m

($463.9m). Ecommerce sales totalled £19.4m ($28m).

Auctions this July were led in London by Classic Week and the sale of the Rubens ’ Lot and His Daughters

for £44,882,500, the highest price ever achieved for an Old Master painting sold at Christie’s. In the last 16

months Christie’s has invested in connecting with new customers through a diversified sales calendar,

improved platforms and a solid lower price range offer. These established foundations leave Christie’s well

positioned for the second half of 2016 with the launch of the September First Open sale of Contemporary Art

in New York and online, as well as the landmark auction of the Private Collection of President and Mrs.

Ronald Reagan, which takes place 21-22 September to coincide with Christie’s Americana Week sales

series. Christie’s London will also host two dedicated sales in later in 2016: Brian Sewell: Critic & Collector

on 27 September and Works from the Collection of Leslie Waddington during October Frieze week.

PRESS CONTACTS: Cat Manson (London) +44 207 389 2664 cmanson@christies.com

Jennifer Ferguson (New York) +1 212 636 2485 jferguson@christies.com

Lavina Chan (Hong Kong) +852 2978 9919 lavinachan@christies.com

Notes to Editors

*In accordance with standard accountancy practice, Christie’s uses a sales weighted average to account for exchange rate fluctuations. During 2016

please note that all cumulative sales figures are reported in £ and US$, using a sales weighted average (SWA) of 1: 1.440

The prices for individual lots for 2016 are reported as when sold. All auction sales figures include premium .They do not reflect costs or financing fees.

All market share totals are based on publicly available competitor information.

About Christie’s

Christie’s, the world's leading art business, had global auction, private and digital sales in the firs t half of 2016 that totalled £2.1 billion

/ $3 billion. Christie’s is a name and place that speaks of extraordinary art, unparalleled service and expertise, as well as international

glamour. Christie’s offers around 350 auctions annually in over 80 categories, including all areas of fine and decorative arts, jewellery,

photographs, collectibles, wine, and more. Prices range from $200 to over $100 million. Christie's also has a long and successful

history conducting private sales for its clients in all categories, with emphasis on Post-War & Contemporary, Impressionist & Modern,

Old Masters and Jewellery.

2016 marks Christie’s 250 th anniversary. Founded in 1766 by James Christie, Christie's has since conducted the greatest and most

celebrated auctions through the centuries providing a popular showcase for the unique and the beautiful.

Christie’s has a global presence with 54 offices in 32 countries and 12 salerooms around the world including in London, New York,

Paris, Geneva, Milan, Amsterdam, Dubai, Zürich, Hong Kong, Shanghai, and Mumbai. More recently, Christie’s has led the market

with expanded initiatives in growth markets such as Russia, China, India and the United Arab Emirates, with successful sales and

exhibitions in Beijing, Mumbai and Dubai.

*Estimates do not include buyer’s premium. Sales totals are hammer price plus buyer’s premium and do not reflect costs, financing fees or application of buyer’s or seller’s credits.

# # #

Images available on request

FOLLOW CHRISTIE’S ON:

Growth in the price points of £1m-£5m,

driven by 36% growth in new buyers

Christie’s Maintains Global Leadership Position with Sales Totals of £2.1bn in First Half of 2016

Carefully selected curated sales raise sell through rates and

appeal to buyers globally

39%

28% 33%

PRESS CONTACTS:

Cat Manson (London) +44 207 389 2664 cmanson@christies.com

Jennifer Ferguson (New York) +1 212 636 2485 jferguson@christies.com

Lavina Chan (Hong Kong) +852 2978 9919 lavinachan@christies.com

July 2016

25% of buyers are new to Christie’s and are

entering across a range of categories

2016 marks Christie’s 250th Anniversary E-Commerce client base continues to grow

Luxury

(21%)

Decorative

Arts

(15%)

Asian

(11%)

20th and 21st

Century

Culture

(18%)

Post War &

Contemporary

(14%)

Impressionist

& Modern

(9%)

Christie’s

South

Kensington

attracted 15%

of new buyers

Buyers

under £100k

up 4%

Buyers

entering at

price points

£1m-£5m up

36%

% of bought value

by region for H1

2016

$100m LIVE and online sales

96% increase in e-commerce sales from

the same period for 2015

60% increase in clients buying through

online only sales

EMERI

£99.5m of sales for

Defining British Art

Evening Sale Asia

Hong Kong 30th anniversary

sale exceeded high estimate

achieving sales of

HKD631.6m

Americas

Curated, cross-category sale

‘Bound to Fail’ led NY

evening sales and achieved

$78.1M

This March, Christie’s celebrated its 10th anniversary inDubai with a series of sales across three days, whichrealised a collective $15,966,840/ AED59,212,557

A specially curated sale, 30 Years: The Sale, was heldin May in Hong Kong, totalling HK$631,560,000/US$81,712,921. The sale was 100% sold with 40% oflots selling above high estimate

2016 marks Christie’s 250th anniversary and wascelebrated with the Defining British Art Evening Saleand Loan Exhibition in London, King Street in June

Anniversaries and Key Events in the First Half of 2016

As part of the 250th Anniversary campaign, Christie’s

London has been working with the artist Adam Dant

as ‘Artist in Residence’.

A Private sale of two

masterpieces by

Rembrandt van Rijn of

Maerten Soolmans and

his wife Oopjen Coppit

was secured for the

Louvre & the

Rijksmuseum

Highlights at Auction: January – June 2016

Omar El-Nagdi

Sarajevo

$1,145,000/AED4,162,075WORLD AUCTION RECORD FOR

THE ARTIST

March – Dubai: Now and Ten

Tony O’Malley (recto) and Francis

Bacon (verso)

Currach, Clare Island (recto), Evening

Landscape Tehidy Hospital (verso)

£434,500/$620,901

March – London, South Kensington:

Modern British & Irish Art

Jean-Michel Basquiat

Untitled

$57,285,000/£39,726,075WORLD AUCTION RECORD FOR

THE ARTIST

May – New York: Post-War and

Contemporary Art

The Oppenheimer Blue

CHF56,837,000/$57,541,779WORLD AUCTION RECORD FOR A

JEWEL

May – Geneva: Magnificent

Jewels

William Shakespeare

Shakespeare’s First Folio:

Comedies, Histories & Tragedies

£1,874,500/$2,746,143

May – London, King Street:

Shakespeare: The First Four Folios

A magnificent very rare large blue

and white ‘Dragon’ Jar

HK$158,040,000/US$20,447,642

May – Hong Kong:

30 Year: The Sale

Henry Moore

Reclining Figure: Festival

£24,722,500/$33,103,428WORLD AUCTION RECORD FOR

THE ARTIST

June – London, King Street:

Defining British Art

Jean de Cambrai

Two marble Mourners from the

Tomb of Jean de France

€5,025,000/$5,652,190

June – Paris: Sculpture et

Objets d’Art Européens

Alighiero Boetti

Mappa

€1,387,200/£1,110,648

April – Milan: Modern and

Contemporary

Frida Kahlo

Dos desnudos en el bosque (La tierra

misma)

$8,005,000/£5,551,318WORLD AUCTION RECORD FOR THE ARTIST

May – New York: Impressionist & Modern

Art

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© The Estate of Jean-Michel Basquiat / ADAGP, Paris /

ARS, New York 2016

© 2016 Artists Rights Society (ARS), New

York / SIAE, Rome

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© Susan Young