Christie's

WHEN Jeremy and Hotspur, two of London’s best-known furniture dealerships, announced in the late summer that they were shutting up shop and selling off their remaining stock, few could have predicted the ensuing market slump. Both dealerships, who intend to continue as consultants, must have had their fingers crossed at Christie’s on November 20, when the sale took place.

ENGLISH goldwork from the Renaissance period does not survive in great quantity. So the appearance of a 16th century Tudor gold livery collar on the market at Christie's earlier this month was a rare occasion.

Christie’s have clarified their position on storage for picture lots sold in their Interior sales at South Kensington following some confusion.

THE latest series of contemporary art auctions in New York showed how much the market has fallen since its peak. With sale totals down well over 50 per cent from last year’s autumn series held at the height of the boom, the extent of the damage caused by the current economic distress and diminished confidence amongst buyers was manifest. The question now is will prices stabilise or fall further?

AS millions of Americans celebrated the victory of Barack Obama, Christie's announced that they will be offering an important memento from another historic Presidential election which brought a sense of hope to the country.

Following the sometimes painful results of last week's Impressionist and Modern art sales in New York, there can now be little doubt that the worldwide financial distress is undermining demand for trophy paintings and sculpture. All sales missed their low estimates by some margin.

DESPITE falling stocks, banks freezing and now top-end contemporary art taking a tumble, Samuel John Peploe's (1871-1935) Roses sold at £440,000 hammer to a UK private buyer at Christie's Scottish art sale in Edinburgh. With premium included, this was a record for a Scottish Colourist, although not a hammer record.

THE balloon-like market for contemporary art lost much of its air last week as both the Frieze Art Fair and its related auctions suffered the full force of the global economic crisis.

As the US and European governments infused billions into their banking systems, Christie’s have changed their approach to credit. Dealers who were previously allowed several weeks to pay for items after collection have now been informed they must pay before receipt of their goods.

It proved, as predicted, to be the highest priced item in London Islamic week sales, but the Fatimid rock crystal ewer did not generate quite the fireworks that were expected before it came up for sale at Christie's on October 7.

Christie’s have announced the exact dates and location for the Paris sale of the collection put together by Yves Saint Laurent and Pierre Bergé. It will be held jointly by two auction houses, Christie’s and Pierre Bergé & Associates, on February 23, 24 and 25 next year.

CHRISTIE’S have announced that their sale of the joint stock of the two London dealerships Hotspur and Jeremy will be at a dedicated auction at their King Street rooms on November 20.

Following a confidential agreement between the parties involved, the Fatimid rock crystal ewer ‘sold’ for £220,000 at Lawrences of Crewkerne will reappear at Christie’s next month with an estimate of over £3m.

Christie’s have announced that they are to sell the multi-million collection of Yves St Laurent, who died in June, and his business partner Pierre Bergé in February next year.

CHRISTIE’S first wine sale in Asia for seven years will take place in November after the auctioneers have decided to reintroduce wine auctions in Hong Kong.

TO the connoisseurial mind, it was not the paintings that lit up the Old Master series in London in early July but rather three rediscovered drawings by Francisco José de Goya y Lucientes (1746-1828) offered in a dedicated Old Master and 19th century works on paper sale at Christie’s on July 8.

With an eye to one of the world’s major emerging markets, Christie’s are strengthening their position in the Far East.

CHRISTIE’S have announced sales of £1.8bn ($3.5bn) for the first half of 2008, a ten per cent increase on the same period last year.

A rediscovered painting by Jean-Antoine Watteau (1684-1721) was the toast of the Old Master auction series in London last week. Missing for almost 200 years and presumed to have been destroyed, La Surprise was offered at Christie’s evening sale on July 8.

LONDON’S latest contemporary art sales saw vast sums of money continuing to be channelled into top-end post-War art as prices and confidence in the market remained high.