Artprice Press Agency
Artist
Movement
Market Trends
Contemporary art
Analysis
Sales
ART MARKET TRENDS
PRESS RELATIONS
What we offer
|
In less than 6 months, Sotheby's and Christie's have captured 23% of the French market. [06/13/2002]
While rumors suggest Drouot, the traditional home for
France's auctioneers, may be sold, Sotheby's and Christie's
have burst onto the French market. France recently reformed
its auctions market throwing it open to competition. French
art has long held a great allure for foreign auction houses,
and Sotheby's and Christie's have been quick to make the
most of the new regime. Moving swiftly into a market that
had long been off-bounds, the two leading English auction
houses have set the tone for the new season…and in
less than four months have won more than 23% of the French
market. Both have adopted fiercely competitive strategies,
and there has been a step up in the quality of works offered
at auction since January.
The themes chosen by the two auction houses - classic
drawing and photography - are tailored to the French market
and have been the subject of the year's most successful
sales. Paris is recognised as the worldwide centre for
both genres. The traditional Salon du Dessin, the world's
most important fair for drawings and other works on paper,
sparked a number of other events including an impressive
themed sale at Christie's. Paris is also the location
of choice for the most highly reputed photography fairs,
such as Paris Photo. Since each event brings together
the best-informed collectors in a particular field, Sotheby's
and Christie's shrewdly seized the opportunity to hold
profitable sales. The only challenge was to offer works
with sufficient pulling power, which they met with works
on paper from the Pierre de Charmant collection, and classic
photographic prints from the André Jammes collection.
In June they continued to steal the show, announcing prestigious
sales, notably a close of season sale with auctions of
old master and 19th century paintings. With internationalisation
comes specialisation: auctions tend to be held where the
auction houses have a competitive edge, at the place where
the works were created. In France, 19th century painting
seems to be one of the key market niches, and the two
auction houses are holding sales on this theme on consecutive
days: 26 June at Christie's and 27 June at Sotheby's.
At first glance this might look like very aggressive competition.
But in fact the close scheduling of two auctions should
attract more collectors, which is good news for the auction
houses as it tends to push up the bids. This approach
means they can orchestrate art market seasons around a
succession of themes.
The big French auction houses have responded with marketing
strategies that are just as formidable as those of Sotheby's
and Christie's. Tajan and Piasa have entered the fray
with auctions of old master paintings on 24 and 25 June
respectively. This wealth of supply should stimulate demand,
pushing up prices and profits. The technique can work
well. Sotheby's and Christie's New York auctions of contemporary,
modern and impressionist art are often all held in May
over three days at most. Such high profile events inevitably
attract intense attention and set the mood for the rest
of the season. |
|
Auctioneers' share on the french market
Based on the fine art auctions turnover from 01-jan-2002
to 01-may-2002 |
|
|
