African Art Club

Lacma hires new consulting curator of African art

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Private Sales Go Public: Why Christie’s and Sotheby’s Are Embracing Galleries Like Never Before

Private transactions constitute an essential and increasingly profitable business segment at both Christie’s and Sotheby’s. In 2010 such sales accounted for 10 percent of the houses’ $10 billion in combined art sales, contributing $448.4 million to the bottom line at Sotheby’s — up from $327.8 million in 2006 — and $572.4 million at Christie’s, more than double the take four years earlier. Both firms hope to see those numbers swell and have made brick-and-mortar investments to further that goal.

By offering partnerships to “private” dealers that also buy at there auctions, the auction houses walk more and more in the direction of private sales. More »