In results that might be seen as a barometer of rising wealth – and the desire to spend it – global auction house Christie’s said art sale values surged 12 per cent year-on-year to £5.1 billion ($7.72 billion) in 2014.

In results that might be seen as a barometer of rising wealth – and the desire to spend it – global auction house Christie’s said art sale values surged 12 per cent year-on-year to £5.1 billion ($7.72 billion) in 2014. It's main rival, Sotheby's, told this publication yesterday it reported sales of $6 billion, up by 18 per cent.

Such results, while they need to be interpreted carefully, are an indication that as the wealth of high net worth and ultra high net worth persons expanded last year, so did their spending. In particular, auction houses have seen an upswing of interest in regions such as Asia, helped in part by the expanding ranks of its affluent middle class.

The sale figure is a record for Christie’s, the firm said in a statement yesterday, and said it was also a record for “any art company in the history of the market”.

Sales figures were driven by an increase in activity across all geographies and classes, such as the Post-War & Contemporary Art, Impressionist & Modern Art and Jewellery departments, it said.

All sales platforms increased during 2014 with auction sales rising by 10 per cent to £4.2 billion ($6.8 billion, up 15 per cent) and private sales totalling £916.1 million up 20 per cent ($1.5 billion, up 26 per cent).

Notably, eCommerce sales skyrocketed, a reflection of growing use of such channels, with a relatively modest absolute number of £21.4 million but up by 54 per cent ($35.1 million, up 60 per cent).

This publication was in contact with Sotheby’s, another major global house, and told by a spokesperson that its results are due out imminently.  

“Christie’s sales grew by 12 per cent during 2014 and the team has succeeded by focusing on the art and connecting it to a growing global audience,” Patricia Barbizet, chief executive, Christie’s. “The top end of the market grew during the year as evidenced by the 48% increase in works sold above $10 million. Our strategy to develop in new markets such as China and India and in new channels such as private sales and eCommerce, has further propelled the global growth of our business,” she said.

The firm said Post-War and Contemporary Art had its best year ever with total sales of £1.7 billion ($2.8 billion) up 33 per cent on 2013 (and up by 39 per cent in dollars).

Auction sales continue to be the primary driver of activity with robust global growth of 10 per cent year-on-year at £4.2 billion ($6.8 billion, up 15 per cent). Christie’s sold 86 works of art for over $10 million each during 2014, up 48 per cent and 870 lots were sold for over $1 million during the year, up 19 per cent.

Private sales grew 20 per cent, totaling £916.1 million ($1.5 billion, up 26 per cent). New exhibition spaces were opened in New York, Hong Kong and Shanghai.

Online-only Sales totalled £21.4 million; buyers on the online platform came from 69 countries with 32 per cent new to Christie’s and 42 per cent of new buyers under the age of 45.

The highest price for a work of art in the live auction room via Christie’s LIVE™ was Tyeb Mehta’s (Untitled) Falling Bull which sold for $2.8 million in the India sale in December in Mumbai. Total sales for online buying via LIVE™ and eCommerce were $178 million.

Sotheby's

Sotheby's, meanwhile, said one third of its buyers in 2014 were newcomers, accounting for almost a fifth of global sales. Greater Chinese clients purchased more than $1 billion across worldwide sales rooms, and the firm argues that it "dominates" in Asia, with sales of more than $900 million.

Last year, the collection of Mrs Paul Mellon achieved $218 million, the highest total ever for a single owner sale at Sotheby’s, it said in a statement.

More than one third of all categories racked up record totals, it said, adding that record totals were achieved in 14 categories.