Christie's

Definition

Christie's is a leading international auction house, founded in 1766, known for its sales of fine art, antiques, and luxury goods. With a rich history and a prestigious reputation, Christie's has played a significant role in shaping the global art market, offering a platform for collectors, artists, and dealers to buy and sell high-value items through live and online auctions.

5 Must Know Facts For Your Next Test

1. Christie's was founded by James Christie in London and has expanded its presence globally with offices and auction houses in major cities around the world.
2. The auction house is renowned for its high-profile auctions, including record-breaking sales of paintings by famous artists such as Picasso and Van Gogh.
3. Christie's offers a diverse range of items at auction, from classic art and decorative pieces to contemporary works and collectibles, appealing to various collectors.
4. In addition to traditional live auctions, Christie's has embraced technology with online bidding platforms, allowing for wider participation in their sales.
5. Christie's is also involved in private sales and appraisals, providing expert services to clients looking to buy or sell valuable works outside the auction format.

Review Questions

• What impact has Christie's had on the global art market since its founding?
  • Since its founding in 1766, Christie's has significantly influenced the global art market by establishing itself as a premier auction house that sets trends and prices for fine art and luxury goods. The house has been pivotal in introducing innovative auction practices and has helped shape collecting cultures worldwide. Its prestigious auctions attract both seasoned collectors and new buyers, thereby enhancing the visibility and accessibility of high-value art.
• How does Christie's incorporate technology into its auction processes, and what are the benefits of these innovations?
  • Christie's has embraced technology by developing online bidding platforms that complement traditional live auctions. This allows for broader participation from global buyers who may not be able to attend in person. The incorporation of virtual previews and online-only sales increases accessibility and convenience for clients while driving higher sales figures, ultimately expanding Christie's market reach.
• Evaluate the significance of record-breaking sales at Christie's auctions on the perception of contemporary art values.
  • Record-breaking sales at Christie's auctions serve as critical indicators of the contemporary art market's health and value perception. When a piece sells for an unprecedented amount, it not only elevates the artist's status but also influences collector behavior and investment strategies within the art community. Such high-profile transactions can lead to increased interest in similar works, further driving up values across the sector. Additionally, they shape public interest and media narratives around contemporary art as a viable investment.

Related terms

Auction: A public sale in which goods or property are sold to the highest bidder, often featuring items of significant value.

Appraisal: The process of evaluating an item's worth or value, often conducted by experts to determine potential selling prices at auction.

Hammer Price: The final bid price of an item at auction before any additional fees or commissions are added.