More sense than money

Christie’s and Sotheby’s face buyer resistance

THE two leading auction houses, Sotheby’s and Christie’s, have come a long way since the dark days of late 2008, when the sudden collapse of the art market caused their revenues to plummet. At the time, they were forced to pay out nearly $200m in guarantees to honour contracts on works that had been consigned to auction, yet failed to sell on the day. Now, two years later, the sector is running ahead of itself. As the art-market recovery gets under way, auction houses now face a particularly delicate moment.

When art prices fell, auction houses struggled to attract sellers. Collectors faced with death, divorce or debt—three common reasons for selling—still consigned their works for auction. But discretionary selling fell back sharply. With the memory of the record prices of 2007 still fresh in many collectors’ minds, the question they asked themselves was “why sell if you don’t have to?” …

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