At Monday’s year-end press conference held at Christie’s, the looming presence of Paul Allen was unmistakable. CEO Guillaume Cerutti shared that the esteemed auction house anticipates a combined $6.2 billion in sales from its art and luxury divisions.
While individual owner sales have become commonplace in premier auction weeks, Cerutti underscored the extraordinary nature of last year’s $1.5 billion Allen sale, deeming it “historic and exceptional.” In light of this anomaly, Christie’s opted for an unconventional approach to present this year’s figures, comparing them with and without the Allen auction included in the 2022 end-of-year results.
Considering the Allen sale, Christie’s total sales for 2023 reflected a roughly 25% decrease compared to 2022. Excluding the Allen auction, the overall sum still experienced a decline of approximately 7%.
Despite these challenges, Christie’s achieved commendable total sales of $6.2 billion. This figure surpasses 2019, the pre-Covid benchmark, by about 7%, predating the era of historically low interest rates that has facilitated increased spending.
Cerutti, addressing the paradoxical nature of 2023, emphasized that the decline in sales totals was not the paramount metric. Instead, he highlighted the year’s projected 84% sell-through rate, slightly lower than the previous year but still robust. Notably, a majority of the sold works exceeded their low estimates, indicating continued strong results for clients.
Cerutti acknowledged the impact of guarantees on metrics like sell-through rates but maintained their relevance. He outlined two reasons: consignors still prioritize sell-through rates, and a significant portion of lots lack guarantees. In today’s challenging financial climate, understanding these metrics is crucial for accurately discussing estimates with clients.
Private sales surged from 14% of total sales in 2022 to 20% in 2023. Cerutti hinted at a private sale exceeding $100 million, marking the auction house’s highest single-lot sale in that category.
For a detailed breakdown, auction totals, including online-only sales, amounted to $5.02 billion, while private sales reached $1.2 billion. Luxury sales, encompassing jewelry, handbags, watches, and wine, contributed $1 billion—a record for this category at Christie’s.
Addressing concerns about potential layoffs in light of negative sales, Cerutti reassured that there were no plans for layoffs. He emphasized Christie’s resilience post-pandemic, describing it as a “streamlined and well-organized business” that adapts to market dynamics without restructuring plans.
