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CHRISTIE'S PRELIMINARY RESULTS FOR 2020

CHRISTIE'S PRELIMINARY RESULTS FOR 2020



Global sales £3.4 billion / $4.4 billion

- Down 25% compared to 2019, driven by the drop in live auction sales
- Primarily due to the overall impact of the pandemic on supply
- Demand remained strong, with a high sell-through rate of 81% across all sales

Online-only sales and digital innovations as a major driver for future growth

- While live auction sales were largely suspended during Q2 due to COVID-19 precautions, Christie's immediate acceleration of its digital strategy at the start of the pandemic ensured business continuity across the year and expanded the global reach of its sale activities exponentially - Online-only sales were up 262% in 2020 (£243 million / $311 million), marking a record total for the channel. -

With more than 200 sales in 2020, this channel contributed more than 10% of total auction sales - Registrants from 104 different countries participated in online-only sales by year-end
- More than 1 million combined viewers watched Christie's live-streamed marquee week sales.

Private sales close to £1bn in 2020, a record total for this channel (projected £987 million / $1.3 billion) - Up 57% compared to 2019 - Christie's sold more works above $25 million via private sales than at auction - Innovative formats were introduced such as Dream Big, an ambitious online exhibition of monumental sculpture with works sold entirely in-situ and through Christie's digital platform · 

Buying trends show an influx of new clients and millennial collectors
- 36% of all buyers new to Christie's in 2020, with strong input from online-only sales
- 32% of all new online-only sale buyers are millennials (23-38 years old)
- 34% of global spend in auction sales went to buyers in Asia, well-balanced by Americas (33%) and EMEA (33%)
- Of the top prices achieved at Christie's this year for works by living artists under 45, 9 out of 10 were sold in our Hong Kong saleroom. 

Positive outlook for 2021 - H2 2020 saw 25% growth compared to H2 2019, driven by strong global demand, indicating a positive market orientation for 2021
- Exceptional collection sales ahead - 

In January in New York: The Collection of Mr. & Mrs. John H. Gutfreund, an unparalleled collection of fine and decorative art, jewels and books, to be offered in live and online sales. In March in London: The Collection of Claude Hersaint, one of the most comprehensive Surrealist collections in the world, with works by Ernst, Magritte and MirĂ³ to lead the Art of the Surreal Evening Sale with a collective pre-sale estimate of £21-32 million. 

Francis Bacon's Sand Dune will also be offered in March, a distinctive painting from 1981 that featured in recent exhibitions in Paris and Houston.

Guillaume Cerutti, Chief Executive Officer, commented: "In 2020,the global pandemic deeply impacted the art market, as it did for almost all industries. We are now looking forward to 2021 with optimism, for two major reasons: global demand for art and objects remains strong with an impressive influx of new clients, especially millennials; and Christie's has introduced digital innovations that significantly strengthened our business model, providing clients with greater flexibility to transact with us through our live auction, online-only, and private sales platforms."

Chinaallover.com

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