Booming auctions paint a pretty picture for Christie's
Booming auctions paint a pretty picture for Christie's
Show all 5The record sale of a Mark Rothko painting helped drive auctioneer Christie's to its most successful first half, as investors continued to flock to art as a good place to put their cash.
The auction house's global sales hit £2.2bn in the first six months of 2012, up more than a tenth on a year earlier. The New York sale in May saw the auctioneer bring the hammer down on Rothko's Orange, Red, Yellow for $86.8m (£53.8m), the largest sum paid in auction for a post-war work.
The following month in London a buyer paid £23.5m for Yves Klein's Le rose du bleu, a record for the artist.
The high end of the auction market has remained remarkably strong. Rival Sotheby's sold Edvard Munch's The Scream for $119.9m, the most paid at auction, just a week before the Rothko sale.
Steven Murphy, chief executive of Christie's, said the soaring sales were powered by a "growing worldwide demand for art". Almost 20 per cent of bids were placed by new clients, with bidders registered from 124 countries.
Subscribe to Independent Premium to bookmark this article
Want to bookmark your favourite articles and stories to read or reference later? Start your Independent Premium subscription today.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies