When François Pinault bought Christie's in 1998 in 1000 million pounds, he thought the business could be increased and obtain greater profits.
but what has happened in these last two decades exceeds the most optimistic forecasts, not only for the volume of sales (they sold half that their rival Sotheby's), but also because of the increase they have sustained The commissions that charge buyers (between 12% and 25%), but not with the sellers that fight down the downward commissions that exceeds the most optimistic.
We have been pandemic for 18 months and this implies renewing the business , and looking for new forms of commercialization. Sales are over where only works from a certain historical period are offered, also those of which the lots were shown in one place.
Pinault, the firewood seller who became one of the richest men in the world
Now we have to take them to China, Paris, London and New York. You have to accommodate the schedules, and the sales that were called Night now are evening.
Hong Kong grows in all orders. 39% of buyers are Asians and in some areas are more than 50%, in luxury items such as jewels (they sold a diamond called Sakura at 30 million dollars).
in watches sold 93.7 million dollars in 10 sales made in only 4 months, and consolidated patek philippe as the most valued of all brands, with some wristwatch sold at $ 1.6 million.
Good French wines nor can we compete with the Chinese and with Hermés' wallets and other products, records seem monthly. 40% of the world's multiric live in China, want to consume luxury and west objects are delighted to generate them and sell them. B> of dollars in just 6 months, it is like an average of 20 million per day. The bases respond to the market and 87% of what is offered, a percentage that exceeds the historical ones.
European and Middle East buyers are 33% of the business and Americans are only 28%, without a doubt that there is fear with the current inflation of 5.7% suffered by prices in the market North and this trend that the administration of the President Joe Biden . A while ago, auction houses want to "bite" a piece of the private sales market carried out by art galleries, and are achieving it.
Today they sell the triple of what they sold 2 years ago and 41% more than a pandemic year to another. The most incredible is that they are the most valuable objects , since a third of them are sold privately in more than 5 million and already represent 850 million dollars, that is, a quarter of their sales.
The Chinese dominate the market, but New York does not yield their place of privilege and more than 1100 million have been sold in the last six months. They are extraordinary in marketing management and renew day by day, the only risk they are running is that of the guarantees of sale that exceed 50% in lots in lots with bases greater than 5 million.
