Online Auctions at Christie’s
The Strength of Christie’s Online Platform
At Christie’s, we are committed to providing the best continuity of service to our global network of clients, both consignors and buyers.
Christie’s was the first auction house to conduct an online sale in 2011—years ahead of our competitors.Wehavebuiltonthistechnicalinfrastructureoverthelastdecade,constantlyimproving the cutting-edge algorithms that target clients with works they are most likely to bid based on their digital behavior and bidding history.
Our early entrance to the online sale arena gives us a robust pool of client data to leverage for targeting, unmatched in the industry As of 2021, 93% of our active clients and 98% of our new active clients who browse online also transact, demonstrating the power of the online platform across all regions, client demographics and collecting categories.
We are in an excellent position to use our well-established, thoroughly-tested online platform to stage auctions which we know will attract global buyers. We would be delighted to include your property in such a sale. This document will outline our strategy for your work as well as our experience in all areas of the online auction process.
3.CHRISTIE’S ONLINE LEADERSHIP
4.HISTORIC SUCCESS WITH OLD MASTER DRAWINGS
6.ONLINE SALE SUCCESS WITH OLD MASTER DRAWINGS
8.BREAKOUT PRICES ONLINE FOR OLD MASTER DRAWINGS
9.ACTIVATING NEW BUYERS
Contents
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Christie’s Online Leadership
Christie’s 2021 data demonstrates a transformational shift in transacting online across all regions and value levels. 75% of our clients transacted online in 2021 compared to just over 50% five years ago, indicating that our clients increasingly prefer to bid and buy online, regardless of age, transaction level, or collecting category.
MULTI-PRONGED APPROACH
In 2021, 63% of all bids were placed online. To support this shift in buying habits, Christie’s has continued to invest in our digital innovation to make bidding as accessible as possible. Now clients can bid through:
• Christie’s website
• Christie’s app
• Christie’s LIVE
We will utilize these tools on your behalf, opening the opportunity to bid on your work to clients in every corner of the globe.
ADVANTAGEOUS FORMAT AND TIMING
The online sale format offers:
• An ability to meet demand when it is at its height
• Flexibility outside of the traditional auction calendar
• A dynamic, digital platform
• Greater global reach and engagement
• Access and visibility to clients who are new to Christie’s—67% of all new buyers enter through online sales
$445M TOTAL OF ONLINE AUCTIONS
+43% IN SOLD TOTAL SINCE 2020
377% INCREASE IN ONLINE LOT VALUE SINCE 2016
2.8M
UNIQUE VISITORS TO ONLINE AUCTIONS
84%
OF ALL ACTIVE CLIENTS TRANSACTED ONLINE
63% OF ALL GLOBAL CLIENTS BOUGHT OR BID ONLINE
ONLINE IN 2021
CHRISTIE’S
22+ ORIGIN COUNTRIES OF BUYERS AND BIDDERS 3
Old Master Drawings
HISTORIC SUCCESS
Christie’s is the long-standing market leader for Old Master Drawings due to the expertise and experience of our international team of specialists.
Old Master Drawings | Global Sales | 2008-2021
Dominant Market Share
Superior Performance Against Estimate
56% $265.4 MILLION
44% $207.4 MILLION
CHRISTIE’S SOTHEBY’S
160% 127% Sold Total vs. Aggregate Low Estimate
RAPHAEL Head of a Muse
Estimate: £12,000,000-16,000,000
Sold for: £29,161,250 ($48,009,960)
Christie’s London, December 2009
WORLD
AUCTION RECORD FOR THE ARTIST AT THE TIME OF SALE WORLD AUCTION RECORD FOR AN OLD MASTER DRAWING AT THE TIME OF SALE
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Old Master Drawings
In 2021, Christie’s outperformed our closest competitor by every metric, particularly at the high end of the market.
LEONARDO DA VINCI
Head of a Bear
Estimate: £8,000,000-12,000,000
Sold for: £8,857,000 ($12,202,700)
Christie’s London, July 2021
TOP AUCTION PRICE OF 2021 FOR AN OLD MASTER DRAWING
32% $15.9 MILLION 68% $34.1 MILLION CHRISTIE’S SOTHEBY’S Higher Average Sale Price $99.4K $23.2K
Lots Sold over $100K Greater
in the Saleroom 12.5 bids 11.3 bids 6.7 5.7 ALL LOTS LOTS ABOVE $100K Average # of Bids per Lot Dominant Market Share 31 lots 23 lots Superior
Against Estimate 71% 61% 35% 30% ALL LOTS LOTS ABOVE $100K % of Lots Sold above High Estimate
More
Competition
Performance
SUCCESS IN THE CURRENT MARKET
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Old Master Drawings | Global Sales | 2021
Old Master Drawings
ONLINE SALE SUCCESS IN THE CURRENT MARKET
Since pivoting to an online sale strategy in 2021, Christie’s Old Master Drawings performance far outpaced our closest competitor, delivering the highest results for our consignors.
20% $8,664 80% $35,219 Dominant Market Share CHRISTIE’S SOTHEBY’S Superior Performance Against Estimate JEAN-HONORÉ FRAGONARD A young woman dozing, 1762 Estimate: $300,000-500,000 Sold for: $1,110,000 Online, January 2021 WORLD AUCTION RECORD FOR AN OLD MASTER DRAWING ONLINE 370% OF LOW ESTIMATE 138% 115% Sold Total vs. Aggregate Low Estimate
Old Master Drawings | Online Sales | January
6
2021
Old Master Drawings Online
OLD MASTER & BRITISH DRAWINGS, JANUARY 2022
OLD MASTER & BRITISH DRAWINGS INCLUDING PROPERTY FROM THE CORNELIE BESSIE ESTATE, JANUARY 2021
Mars brandishing a sword
Estimate: $70,000-100,000
Sold for $275,000
Online, January 2022
393% OF LOW ESTIMATE
JEAN-HONORÉ FRAGONARD
A young woman dozing, 1762
Estimate: $300,000-500,000
Sold for $1,110,000
Online, January 2021
WORLD AUCTION RECORD FOR AN OLD MASTER DRAWING ONLINE
370% OF LOW ESTIMATE
GIOVANNI FRANCESCO BARBIERI, IL GUERCINO
Sold Total Estimate % Sold of Low Estimate Sold by Lot $1,439,125 $764,700–1,145,300 151% 81% Sold Total Estimate % Sold of Low Estimate Sold by Lot $3,146,400 $2,288,000–3,442,500 138% 83% 7
OLD MASTER DRAWINGS ONLINE
Breakout Prices for Old Master Drawings Online
Christie’s holds the World Auction Record for an Old Master Drawing sold online, and for an Old Master work sold online.
These records alongside other top prices demonstrate Christie’s undoubted market leadership. These superior sales mean that we have the greatest access to Old Masters buyer data and the most cutting-edge insights, which we will leverage on your behalf.
OF THE TOP 10 OLD MASTER DRAWINGS LOTS SOLD ONLINE, CHRISTIE’S:
• Achieved 4 of the top 10
• Realized a total sales price of $2,468,000, far above our closest competitor’s total of $1,952,919 for 6 lots
• Garnered 97 total bids, compared to 50 at our closest competitor
JEAN-HONORÉ FRAGONARD
A young woman dozing, 1762
Estimate: $300,000-500,000 Sold for $1,110,000
Online, January 2021
WORLD AUCTION RECORD FOR AN OLD MASTER DRAWING ONLINE
370% OF LOW ESTIMATE
OLD MASTERS ONLINE
JEAN-ETIENNE
Portrait of Philibert Cramer
Estimate: $400,000-600,000
Sold for $810,000
Online, January 2021
203% OF LOW ESTIMATE
Mars brandishing a sword
Estimate: $70,000-100,000 Sold for $275,000
Online, January 2022
393% OF LOW ESTIMATE
ÉCOLE ITALIENNE DU DÉBUT DU XVIIE SIÈCLE, SUIVEUR DE LÉONARD DE VINCI
The Hekking Mona Lisa
Estimate: €200,000-300,000
Sold for €2,900,000 ($3,192,459)
Online, June 2021
WORLD AUCTION RECORD FOR AN OLD MASTER WORK ONLINE
1450% OF LOW ESTIMATE
CIRCLE OF REMBRANDT HARMENSZ. VAN RIJN
The Adoration of the Magi - en grisaille
Estimate: €10,000-15,000
Sold for €860,000 (946,729)
Online, October 2021
8600% OF LOW ESTIMATE
GIOVANNI FRANCESCO BARBIERI, IL GUERCINO LIOTARD8
New Buyers
OLD MASTER DRAWINGS
GLOBAL SALES | 2019-2021
Activating New Buyers
CHRISTIE’S UNPARALLELED REACH
Cutting-edge technology is essential to engaging today’s savvy community of global collectors and attracting new buyers.
Christie’s is the only auction house with the sophisticated digital tools necessary to maximize awareness, drive transactions, and provide our consignors with the strongest possible financial return. Our marketing campaign for your collection features a robust suite of digital initiatives designed to target new and emerging collectors in addition to established Old Master and masterpiece buyers.
NEW BUYERS AT CHRISTIE’S IN 2021
35% OF CLIENTS WERE NEW
12% NEW CLIENTS
88% EXISTING CLIENTS
20 buyers in our global Old Master Drawings sales in 2021 were new to Christie’s, with an average entry lot price of $85,000 across live and online sales.
67% OF NEW CLIENTS ENTER CHRISTIE’S VIA ONLINE SALES
2.8M
UNIQUE VISITORS VIEWED ONLINE AUCTIONS
+24% ACTIVE CLIENTS TRANSACTING ONLINE YOY
LEONARDO DA VINCI
Head of a Bear
Estimate: £8,000,000-12,000,000
Sold for £8,857,500 ($12,202,700)
Christie’s London, July 2021
SECOND-HIGHEST PRICE FOR THE ARTIST AT AUCTION
TOP AUCTION PRICE OF 2021 FOR AN OLD MASTER DRAWING
SOLD TO A NEW CHRISTIE’S CLIENT
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This proposal is the property of Christie’s and is made subject to a written contract signed by all parties. It is provided solely on the basis that it—and the information contained therein— is maintained in strict confidence and is not disclosed to anyone other than your lawyers or financial advisors. 2022.
© Christie, Manson and Woods Ltd. 2022.