Christie's
Encyclopedia
Auction
An auction is a process of buying and selling goods or services by offering them up for bid, taking bids, and then selling the item to the highest bidder...
house.
History
Christie's soon established a reputation as a leading auction house, and took advantage of London's new found status as the major centre of the international art trade after the French Revolution
French Revolution
The French Revolution , sometimes distinguished as the 'Great French Revolution' , was a period of radical social and political upheaval in France and Europe. The absolute monarchy that had ruled France for centuries collapsed in three years...
.
Christie's was a public company
Public company
This is not the same as a Government-owned corporation.A public company or publicly traded company is a limited liability company that offers its securities for sale to the general public, typically through a stock exchange, or through market makers operating in over the counter markets...
, listed on the London Stock Exchange
London Stock Exchange
The London Stock Exchange is a stock exchange located in the City of London within the United Kingdom. , the Exchange had a market capitalisation of US$3.7495 trillion, making it the fourth-largest stock exchange in the world by this measurement...
from 1973 to 1999, after which it was taken into private ownership by Frenchman François Pinault
François Pinault
François Pinault is a French businessman who runs the retail company PPR. He is a friend of former French President Jacques Chirac....
.
On 28 December 2008, The Sunday Times
The Sunday Times
The Sunday Times is a British Sunday newspaper.The Sunday Times may also refer to:*The Sunday Times *The Sunday Times *The Sunday Times *The Sunday Times...
reported that Pinault's debts left him "considering" the sale of Christie's and that a number of "private equity
Private equity
Private equity, in finance, is an asset class consisting of equity securities in operating companies that are not publicly traded on a stock exchange....
groups" were thought to be interested in its acquisition. In January 2009, Christie's was reported to employ 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; later news reports said that 300 jobs would be cut. With sales for premier Impressionist, Modern, and contemporary artworks tallying only $US248.8 million in comparison to $US739 million just a year before, a second round of job cuts began after May 2009 when the auction house was still reported to employ 1,900 people worldwide. One of the auction house's "rainmakers" in the sale of Impressionist and Modern art, Guy Bennett, resigned from the auction house just prior to the beginning of the summer 2009 sales season. 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.
The Christie's New York sign was created by Nancy Meyers
Nancy Meyers
Nancy Jane Meyers is an American film director, producer and screenwriter. She is the writer, producer and director of several big-screen successes, including The Parent Trap , Something's Gotta Give , The Holiday , and It's Complicated...
during the production of Something's Gotta Give
Something's Gotta Give (film)
Something's Gotta Give is a 2003 American romantic comedy film written, produced and directed by Nancy Meyers for both Columbia Pictures and Warner Bros. It stars Jack Nicholson and Diane Keaton as a successful 60-something and 50-something, who find love for each other at a different time of life,...
for an exterior shot. The auction house liked the sign so much that they requested the production leave it after shooting finished.
In September 2010, former Rodale President Steven Pleshette Murphy assumed the title of CEO, becoming the first American CEO in the auction house’s history.
Locations
St. James's
St James's is an area of central London in the City of Westminster. It is bounded to the north by Piccadilly, to the west by Green Park, to the south by The Mall and St. James's Park and to the east by The Haymarket.-History:...
, where it has been based since 1823. It has a second London salesroom in South Kensington
South Kensington
South Kensington is a district in the Royal Borough of Kensington and Chelsea in London. It is a built-up area located 2.4 miles west south-west of Charing Cross....
which opened in 1975 and primarily handles the middle market. Christie's South Kensington is one of the world's busiest auction rooms.
As of January 2009, Christie's had 85 offices (not all are salesrooms) in 43 countries, including New York City, Los Angeles, Paris, Geneva
Geneva
Geneva In the national languages of Switzerland the city is known as Genf , Ginevra and Genevra is the second-most-populous city in Switzerland and is the most populous city of Romandie, the French-speaking part of Switzerland...
, Amsterdam
Amsterdam
Amsterdam is the largest city and the capital of the Netherlands. The current position of Amsterdam as capital city of the Kingdom of the Netherlands is governed by the constitution of August 24, 1815 and its successors. Amsterdam has a population of 783,364 within city limits, an urban population...
, Moscow, Vienna
Vienna
Vienna is the capital and largest city of the Republic of Austria and one of the nine states of Austria. Vienna is Austria's primary city, with a population of about 1.723 million , and is by far the largest city in Austria, as well as its cultural, economic, and political centre...
, Buenos Aires
Buenos Aires
Buenos Aires is the capital and largest city of Argentina, and the second-largest metropolitan area in South America, after São Paulo. It is located on the western shore of the estuary of the Río de la Plata, on the southeastern coast of the South American continent...
, Berlin, Rome, South Korea, Milan
Milan
Milan is the second-largest city in Italy and the capital city of the region of Lombardy and of the province of Milan. The city proper has a population of about 1.3 million, while its urban area, roughly coinciding with its administrative province and the bordering Province of Monza and Brianza ,...
, Madrid
Madrid
Madrid is the capital and largest city of Spain. The population of the city is roughly 3.3 million and the entire population of the Madrid metropolitan area is calculated to be 6.271 million. It is the third largest city in the European Union, after London and Berlin, and its metropolitan...
, Japan, China, Australia, Hong Kong, Singapore
Singapore
Singapore , officially the Republic of Singapore, is a Southeast Asian city-state off the southern tip of the Malay Peninsula, north of the equator. An island country made up of 63 islands, it is separated from Malaysia by the Straits of Johor to its north and from Indonesia's Riau Islands by the...
, Bangkok
Bangkok
Bangkok is the capital and largest urban area city in Thailand. It is known in Thai as Krung Thep Maha Nakhon or simply Krung Thep , meaning "city of angels." The full name of Bangkok is Krung Thep Mahanakhon Amon Rattanakosin Mahintharayutthaya Mahadilok Phop Noppharat Ratchathani Burirom...
, Tel Aviv
Tel Aviv
Tel Aviv , officially Tel Aviv-Yafo , is the second most populous city in Israel, with a population of 404,400 on a land area of . The city is located on the Israeli Mediterranean coastline in west-central Israel. It is the largest and most populous city in the metropolitan area of Gush Dan, with...
, Dubai
Dubai
Dubai is a city and emirate in the United Arab Emirates . The emirate is located south of the Persian Gulf on the Arabian Peninsula and has the largest population with the second-largest land territory by area of all the emirates, after Abu Dhabi...
, Houston, and Mexico City. In 1995, Christie's became the first international auction house to exhibit works of art in Beijing, China.
Price-fixing scandal
In 2000, allegations surfaced of a price-fixing arrangement between Christie's and Sotheby'sSotheby's
Sotheby's is the world's fourth oldest auction house in continuous operation.-History:The oldest auction house in operation is the Stockholms Auktionsverk founded in 1674, the second oldest is Göteborgs Auktionsverk founded in 1681 and third oldest being founded in 1731, all Swedish...
, another major auction house. Executives from Christie's subsequently alerted the Department of Justice of their suspicions of commission-fixing collusion
Collusion
Collusion is an agreement between two or more persons, sometimes illegal and therefore secretive, to limit open competition by deceiving, misleading, or defrauding others of their legal rights, or to obtain an objective forbidden by law typically by defrauding or gaining an unfair advantage...
.
Christie's gained immunity from prosecution in the United States as a longtime employee of Christie's confessed and cooperated with the U.S. Federal Bureau of Investigation
Federal Bureau of Investigation
The Federal Bureau of Investigation is an agency of the United States Department of Justice that serves as both a federal criminal investigative body and an internal intelligence agency . The FBI has investigative jurisdiction over violations of more than 200 categories of federal crime...
. Numerous members of Sotheby's senior management were fired soon thereafter, and A. Alfred Taubman
A. Alfred Taubman
Adolph Alfred Taubman is an American real estate developer and philanthropist from Michigan. He pioneered the modern shopping mall concept and was described by CBS News as a "legend in retailing" who became wealthy developing upscale shopping malls. He built shopping mall developer Taubman Centers...
, the largest shareholder of Sotheby's at the time, took most of the blame; he and Dede Brooks (the CEO) were given jail sentences, and Christie's, Sotheby's and their owners also paid a civil lawsuit settlement of $512 million.
Notable auctions
- In 1987, during the Royal Albert HallRoyal Albert HallThe Royal Albert Hall is a concert hall situated on the northern edge of the South Kensington area, in the City of Westminster, London, England, best known for holding the annual summer Proms concerts since 1941....
auction, Christie's famously auctioned off a Bugatti RoyaleBugatti RoyaleThe Bugatti Type 41, better known as the Royale, was a large luxury car with a 4.3 m wheelbase and 6.4 m overall length. It weighed approximately 3175 kg and used a 12.7 L straight-8 engine...
automobile for a world record price of £5.5 million. - In May 1989, PontormoPontormoJacopo Carucci , usually known as Jacopo da Pontormo, Jacopo Pontormo or simply Pontormo, was an Italian Mannerist painter and portraitist from the Florentine school. His work represents a profound stylistic shift from the calm perspectival regularity that characterized the art of the Florentine...
's Portrait of a Halberdier was sold to the J. Paul Getty MuseumJ. Paul Getty MuseumThe J. Paul Getty Museum, a program of the J. Paul Getty Trust, is an art museum. It has two locations, one at the Getty Center in Los Angeles, California, and one at the Getty Villa in Pacific Palisades, Los Angeles, California...
for $35.2 million, more than tripling the previous auction record for an Old MasterOld Master"Old Master" is a term for a European painter of skill who worked before about 1800, or a painting by such an artist. An "old master print" is an original print made by an artist in the same period...
painting. - In 1998, Christie's in New York sold the famous Archimedes PalimpsestArchimedes PalimpsestThe Archimedes Palimpsest is a palimpsest on parchment in the form of a codex. It originally was a copy of an otherwise unknown work of the ancient mathematician, physicist, and engineer Archimedes of Syracuse and other authors, which was overwritten with a religious text.Archimedes lived in the...
after the conclusion of a lawsuit in which its ownership was disputed. - In November 1999, a single strand necklace of 41 natural and graduated pearls, which belonged to Barbara HuttonBarbara HuttonBarbara Woolworth Hutton was an American socialite dubbed by the media as the "Poor Little Rich Girl" because of her troubled life...
, was auctioned by Christie's Geneva for $1,476,000. - In June 2001, Sir Elton John sold 20 of his cars at Christie's, saying he didn't get the chance to drive them because he was out of the country so often. The sale, which included a 1993 Jaguar XJ220, the most expensive at £234,750, and several Ferraris, Rolls-Royces, and Bentleys, raised nearly £2 million.
- In 2006, a single Imperial Qing DynastyQing DynastyThe Qing Dynasty was the last dynasty of China, ruling from 1644 to 1912 with a brief, abortive restoration in 1917. It was preceded by the Ming Dynasty and followed by the Republic of China....
porcelain bowl, another item which belonged to Barbara Hutton, was auctioned by Christie's Hong Kong for a price of $22,240,000. - 16 May 2006, Christie's auctioned a StradivariusStradivariusThe name Stradivarius is associated with violins built by members of the Stradivari family, particularly Antonio Stradivari. According to their reputation, the quality of their sound has defied attempts to explain or reproduce, though this belief is controversial...
called The HammerHammer StradivariusThe Hammer Stradivarius is an antique violin made by Italian luthier Antonio Stradivari of Cremona. The back measures 36 cm, bearing the label inside: "Antonius Stradivarius Cremonensis/Faciebat Anno 1707"...
for a record US$United States dollarThe United States dollar , also referred to as the American dollar, is the official currency of the United States of America. It is divided into 100 smaller units called cents or pennies....
3,544,000. It was, at that time, the most paid at public auction for any musical instrument. - In October 2006, Christie's auctioned 1,000 lots of official Star TrekStar TrekStar Trek is an American science fiction entertainment franchise created by Gene Roddenberry. The core of Star Trek is its six television series: The Original Series, The Animated Series, The Next Generation, Deep Space Nine, Voyager, and Enterprise...
contents from the CBSCBSCBS Broadcasting Inc. is a major US commercial broadcasting television network, which started as a radio network. The name is derived from the initials of the network's former name, Columbia Broadcasting System. The network is sometimes referred to as the "Eye Network" in reference to the shape of...
Paramount Television studios. A modelModel (physical)A physical model is a smaller or larger physical copy of an object...
of the starshipStarshipA starship or interstellar spacecraft is a theoretical spacecraft designed for traveling between the stars, as opposed to a vehicle designed for orbital spaceflight or interplanetary travel....
Enterprise-D, used in Star Trek: The Next GenerationStar Trek: The Next GenerationStar Trek: The Next Generation is an American science fiction television series created by Gene Roddenberry as part of the Star Trek franchise. Roddenberry, Rick Berman, and Michael Piller served as executive producers at different times throughout the production...
and Star Trek Generations sold for $500,000. - In November 2006, four celebrated paintings by Gustav KlimtGustav KlimtGustav Klimt was an Austrian Symbolist painter and one of the most prominent members of the Vienna Secession movement. His major works include paintings, murals, sketches, and other art objects...
were sold for a total of $192 million, after being restitutedRestitutionThe law of restitution is the law of gains-based recovery. It is to be contrasted with the law of compensation, which is the law of loss-based recovery. Obligations to make restitution and obligations to pay compensation are each a type of legal response to events in the real world. When a court...
by Austria to Jewish heirs after a lengthy legal battle. - In December 2006, The black dress worn by Audrey HepburnAudrey HepburnAudrey Hepburn was a British actress and humanitarian. Although modest about her acting ability, Hepburn remains one of the world's most famous actresses of all time, remembered as a film and fashion icon of the twentieth century...
in the film Breakfast at Tiffany's was sold for £467, 200 at Christie's South Kensington. - In 2006 Christie's lists for auction artifacts known to be looted from Bulgaria and refuses to stop the sale despite strong evidence from the Bulgaria's culture ministry.
- Continuing to dominate the global market for fine arts, Christie's staged the five largest auctions of all time in November 2006, and May and June 2007.
- In May 2007, Christie's Paris auctioned 'L'Enfant et l'Art,' a Love & Art Children's Foundation collection created by children afflicted with cancer under the guidance of artist Alécia de Menezes Seidler. The art collection of 21 paintings auctioned by François Curiel, President of Christie's Europe, raised US$350,000 for the children of Les P'tits Cracks, a Parisian association dedicated to caring for children with cancer. Prior to the auction, the L'Enfant et l'Art collection exhibited at Les Arts DécoratifsLes Arts DécoratifsLes Arts Décoratifs is a private, non-profit museum of decorative arts located in Paris, France.The museum dates to 1882, when collectors with an interest in the applied arts formed the initial organization. For many years it was known as the Union centrale des Arts décoratifs , but in December...
in the Louvre Palace. - In November 2007, an album of eight leaves, ink on paper, by China's Ming DynastyMing DynastyThe Ming Dynasty, also Empire of the Great Ming, was the ruling dynasty of China from 1368 to 1644, following the collapse of the Mongol-led Yuan Dynasty. The Ming, "one of the greatest eras of orderly government and social stability in human history", was the last dynasty in China ruled by ethnic...
court painter Dong QichangDong QichangDong Qichang , courtesy name Xuanzai , was a Chinese painter, scholar, calligrapher, and art theorist of the later period of the Ming Dynasty.-Painter:...
was sold at the Christie's Hong Kong Chinese Paintings Auction for US$6,235,500, a world auction record for the artist. - In 2008, the Ink and wash paintingInk and wash paintingInk and wash painting is an East Asian type of brush painting also known as ink wash painting. Only black ink — the same as used in East Asian calligraphy — is used, in various concentrations....
of GundamGundamThe is a metaseries of anime created by Sunrise studios that features giant robots called "Mobile Suits" ; usually the protagonist's MS will carry the name Gundam....
drawn by Hisashi in 2005 was sold in the Christie's auction held in Hong Kong with a price of US$600,000. - On 24 May 2008, Le Bassin Aux NymphéasLe Bassin Aux NymphéasLe Bassin Aux Nymphéas is one of the series of Water Lilies paintings by French impressionist artist Claude Monet. It is an oil on canvas painting measuring 100.4 × 201 cm .-Exhibited:...
by Claude MonetClaude MonetClaude Monet was a founder of French impressionist painting, and the most consistent and prolific practitioner of the movement's philosophy of expressing one's perceptions before nature, especially as applied to plein-air landscape painting. . Retrieved 6 January 2007...
was sold for a price of $80.4 million, the highest price ever for a Monet. - Over a three-day sale in Paris in February 2009, Christie's auctioned the monumental private collection of Yves Saint Laurent and Pierre BergéPierre BergéPierre Bergé is a French industrialist and patron. He is perhaps best known as the co-founder of Yves Saint Laurent Couture House and former partner of fashion designer Yves Saint Laurent.-Early life:...
for a record-breaking 370 million euros (US$490 million). It was the most expensive private collection ever sold at auction, breaking auction records for BrâncuşiConstantin BrancusiConstantin Brâncuşi was a Romanian-born sculptor who made his career in France. As a child he displayed an aptitude for carving wooden farm tools. Formal studies took him first to Bucharest, then to Munich, then to the École des Beaux-Arts in Paris...
, MatisseHenri MatisseHenri Matisse was a French artist, known for his use of colour and his fluid and original draughtsmanship. He was a draughtsman, printmaker, and sculptor, but is known primarily as a painter...
, and MondrianPiet MondrianPieter Cornelis "Piet" Mondriaan, after 1906 Mondrian , was a Dutch painter.He was an important contributor to the De Stijl art movement and group, which was founded by Theo van Doesburg. He evolved a non-representational form which he termed Neo-Plasticism...
. A "Dragons'" armchair by Irish furniture designer Eileen GrayEileen GrayKathleen Eileen Moray Gray was an Irish furniture designer and architect and a pioneer of the Modern Movement in architecture.- Biography :...
sold for 21.9 million euros (US$28 million), setting an auction record for a piece of 20th century decorative art. - The 2009 auction (for US$36 million) of two imperial bronze zodiac sculptures collected by Yves Saint Laurent, looted in 1860 from the Old Summer PalaceOld Summer PalaceThe Old Summer Palace, known in China as Yuan Ming Yuan , and originally called the Imperial Gardens, was a complex of palaces and gardens in Beijing...
of Beijing by French and British forces at the close of the Second Opium WarSecond Opium WarThe Second Opium War, the Second Anglo-Chinese War, the Second China War, the Arrow War, or the Anglo-French expedition to China, was a war pitting the British Empire and the Second French Empire against the Qing Dynasty of China, lasting from 1856 to 1860...
caused controversy. - Christie's has auctioned artwork and personal possessions linked to historical figures such as Pablo PicassoPablo PicassoPablo Diego José Francisco de Paula Juan Nepomuceno María de los Remedios Cipriano de la Santísima Trinidad Ruiz y Picasso known as Pablo Ruiz Picasso was a Spanish expatriate painter, sculptor, printmaker, ceramicist, and stage designer, one of the greatest and most influential artists of the...
; Rembrandt; Diana, Princess of WalesDiana, Princess of WalesDiana, Princess of Wales was the first wife of Charles, Prince of Wales, whom she married on 29 July 1981, and an international charity and fundraising figure, as well as a preeminent celebrity of the late 20th century...
; Leonardo da VinciLeonardo da VinciLeonardo di ser Piero da Vinci was an Italian Renaissance polymath: painter, sculptor, architect, musician, scientist, mathematician, engineer, inventor, anatomist, geologist, cartographer, botanist and writer whose genius, perhaps more than that of any other figure, epitomized the Renaissance...
; Vincent van GoghVincent van GoghVincent Willem van Gogh , and used Brabant dialect in his writing; it is therefore likely that he himself pronounced his name with a Brabant accent: , with a voiced V and palatalized G and gh. In France, where much of his work was produced, it is...
; Napoleon Bonaparte; Marilyn MonroeMarilyn MonroeMarilyn Monroe was an American actress, singer, model and showgirl who became a major sex symbol, starring in a number of commercially successful motion pictures during the 1950s....
; and others. - Christie's Hong Kong, November 2009 sale of Fine Modern Chinese Paintings, sold a work by Fu BaoshiFu BaoshiFu Baoshi , or Fu Pao-Shih, was a Chinese painter from Xinyu, Jiangxi Province. He went to Japan to study the History of Oriental Art in the Tokyo School of Fine Arts in 1933. He translated many books from Japanese and carried out his own research...
titled "Landscape inspired by Dufu's Poetic Sentiments", for HK$60,020,000 (US$7,780,105) -- a world record for the artist. - Christie's auctioned Pablo PicassoPablo PicassoPablo Diego José Francisco de Paula Juan Nepomuceno María de los Remedios Cipriano de la Santísima Trinidad Ruiz y Picasso known as Pablo Ruiz Picasso was a Spanish expatriate painter, sculptor, printmaker, ceramicist, and stage designer, one of the greatest and most influential artists of the...
's Nude, Green Leaves and Bust on May 4, 2010. The piece sold for US$United States dollarThe United States dollar , also referred to as the American dollar, is the official currency of the United States of America. It is divided into 100 smaller units called cents or pennies....
106.5 million, making the sale among the most expensive paintings ever sold. - On 14 June 2010 Amedeo Modigliani's TêteTête (sculpture)Tête is a limestone sculpture by Amedeo Modigliani and is amongst the most expensive works of art ever sold. In 2010 an anonymous telephone bidder purchased Tête for €43.2 million at Christie's in Paris. The sale was a record at a French auction and placed the sculpture amongst the most expensive...
, a limestone sculpture of a woman's head, became the second most expensive sculpture ever sold and the most expensive work of art sold in France.
Christie’s International Real Estate
Christie’s clients who buy and sell works of art often request real estate services. To satisfy this demand, Great Estates, founded by Kay Coughlin in 1987, was acquired by the auction house in 1995. Christie’s International Real Estate is a wholly owned subsidiary of Christie's, and is the leading international network of real estate brokers dedicated to the marketing and sale of luxury properties. The network spans more than 40 countries worldwide, with 1,000 offices and approximately 34,000 sales associates.haChristie's Education Graduate Programmes
The educational arm of Christie's auction house is called Christie's EducationChristie's Education
Christie's Education is the educational arm of Christie's auction house and has colleges in London and New York accredited by the University of Glasgow in the UK and the New York State Board of Regents in the USA.-Christie's Education History:...
. It has colleges in London and New York accredited by the University of Glasgow
University of Glasgow
The University of Glasgow is the fourth-oldest university in the English-speaking world and one of Scotland's four ancient universities. Located in Glasgow, the university was founded in 1451 and is presently one of seventeen British higher education institutions ranked amongst the top 100 of the...
in the UK and the New York State Board of Regents
Board of Regents
In the United States, a board often governs public institutions of higher education, which include both state universities and community colleges. In each US state, such boards may govern either the state university system, individual colleges and universities, or both. In general they operate as...
in the USA. It offers Master's Degrees, Graduate Diplomas, Art Business Certificates and an Undergraduate Degree. Courses include: Arts of China; Arts of Europe; Art, Style and Design; Modern and Contemporary Art (all in London) and History of Art and the Art Market (in New York). Evening programmes in Art Buisiness and Part-time, certificates in continuing education are also offered in London and New York.
Ventures
Christie's Images is the picture library for the auction house and has an archive of several million fine and decorative art images representing items sold in its sale rooms around the world. With offices in New York and London, images are available for reproduction.With Bonhams
Bonhams
Bonhams is a privately owned British auction house founded in 1793. It is the third largest auctioneer after Sotheby's and Christie's, and conducts around 700 auctions per year. It has 700 employees....
, Christie's is a shareholder in the London-based Art Loss Register
Art Loss Register
Art Loss Register is an evolving, computerized international database which captures information about lost and stolen art, antiques and collectables. The range of functions served by ALR has grown as the number of its listed items increased. The database has become potentially useful for...
, a privately owned database used by law enforcement services worldwide to trace and recover stolen art.