Christie's

Definition

Christie's is a renowned international auction house specializing in fine art, antiques, and luxury items, founded in 1766. It plays a pivotal role in the global art market and significantly influences the auction systems in Asia, especially as it expands its reach in contemporary Asian art.

5 Must Know Facts For Your Next Test

1. Christie's has established a strong presence in Asia, hosting major auctions in cities like Hong Kong and Shanghai, which have become key venues for contemporary art sales.
2. The auction house is known for setting record prices for significant works of Asian artists, showcasing the growing global interest in contemporary Asian art.
3. Christie's operates both live and online auctions, allowing broader access for collectors around the world to participate in bidding on coveted pieces.
4. In addition to art, Christie's also auctions luxury items such as jewelry and watches, expanding its market influence beyond traditional fine art sales.
5. Christie's has been instrumental in promoting Asian artists on the global stage, helping to elevate their status within the international art market.

Review Questions

• How has Christie's contributed to the growth of the contemporary Asian art market?
  • Christie's has played a crucial role in the contemporary Asian art market by hosting significant auctions in key cities like Hong Kong and Shanghai. These events have attracted global collectors and have been vital in setting record prices for Asian artists. The auction house's focus on contemporary works not only highlights emerging talent but also positions Asian art as a competitive player on the international stage.
• What strategies does Christie's employ to engage collectors and expand its presence in Asia?
  • To engage collectors and expand its presence in Asia, Christie's employs various strategies including hosting high-profile auctions, offering online bidding options to reach a wider audience, and collaborating with local galleries and artists. By adapting to regional preferences and promoting notable Asian artists, Christie's effectively attracts both local and international buyers while fostering a deeper appreciation for contemporary Asian art.
• Evaluate the impact of Christie's auction practices on the valuation of contemporary Asian artworks within the global market.
  • Christie's auction practices have significantly impacted the valuation of contemporary Asian artworks by establishing benchmarks through record-setting sales that elevate artist profiles. This approach enhances the desirability of these works among collectors globally. As more high-value pieces emerge from Asia through Christie's platform, it creates a ripple effect that influences market perceptions and investment trends in contemporary art, reinforcing Asia's importance in the global art ecosystem.

Related terms

Auction House: A marketplace where goods and properties are sold to the highest bidder, often associated with art, antiques, and collectibles.

Contemporary Art: Art produced in the late 20th and early 21st centuries, reflecting current themes and cultural issues, often seen at high-profile auctions.

Appraisal: The process of determining the value of an artwork or collectible, often conducted by experts before items are put up for auction.