Art Auctions in 2012

Last year the two most prominent auction houses in the world, Christie’s and Sotheby’s, had contrasting performances.  Christie’s total sales were up 10 percent from the previous year, while Sotheby’s showed a 12 percent drop.  These figures could be interpreted as a sign that the rise in art prices over the last few years has plateaued and high prices are deterring buyers.  On the other hand, Christie’s auctions experienced a surge in the number of first-time bidders.  As a result, the company plans to increase the number of online auctions from seven to about 30 in order to meet the needs of the growing group of art collectors looking for bargain artwork under $500,000.

Revenue in the art industry turns heavily on the number of high-price masterpieces sold.  Christie’s had 49 works that sold for more than $10 million, including the “Statue of Liberty” by Andy Warhol (for $44 million).  Notable sales by Sotheby’s included Rothko’s “No. 1 (Royal Red and Blue)” for $75 million and Joan Miró’s “Blue Star” for $37 million.