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Xanadu in New York

1.The Mongols inhabited a vast, featureless grass plain where the soil was too thin for crops. They raised horses, cattle, yaks, sheep, and goats, and subsisted almost entirely on meat and milk and milk products. The women milked the cows and the men milked the mares. They had no fixed houses and lived in yurts made of greased felt that they hauled on ox-drawn carts. Inside

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The art market managed to tough it out in 2020

© Sotheby’s
It’s been a tough year for auction houses. The “big three” – Christie’s, Sotheby’s and Phillips – suffered a combined 79% drop in revenue for the second quarter of 2020 compared with the same three months in 2019, according to art market analytics firm Pi-eX. Spring is usually a busy period on the art-market calendar, but the dearth was hardly surprising given the pandemic. The first wave saw art fairs and galleries around the world close, while hammers fell silent as auction sales retreated online. But therein lay the silver lining. Sotheby’s says its online sales grew “a staggering” 540% year-on-year in the seven months to August, while the average lot value at online sales has “more than doubled” to $20,000 compared with last year.

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What a $32m dinosaur can tell us about this year's art auctions

MONEYWEB
app instead?
What a $32m dinosaur can tell us about this yearâs art auctions
Although the top of the auction market is never a great indicator of how the art market is doing.
By James Tarmy, Bloomberg
20 Dec 2020
00:38
A Tyrannosaurus Rex dinosaur fossil know as Stan is displayed in a gallery at Christie's auction house in New York on September 17, 2020. Image: Spencer Platt/Getty Images
During a lovely spring week in May 2019, in what now feels like the halcyon days of pre-Covid life, seven paintings and three sculptures sold forÂ a brisk $605 million.
Flash forward to this year, when it took 12 months and a 67-million-year-old dinosaur to amass top 10 results that still only managed to total $408 million.

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Top Auction Houses Saw Total Sales Drop in 2020—But Sotheby's Outpaced Rival Christie's With $5 Billion in Revenue

There is almost no way that major auction houses would
not see a significant drop in auction sales in 2020 given that traditional live auctions were suspended for a full nine months (not to mention the fact that the entire world was experiencing unprecedented upheaval).
Considering this backdrop, then, Sotheby’s and Christie’s final results for 2020 depict a fairly resilient sector—although perhaps not
quite as resilient as they might like to project. Since both houses are now private companies, their true profit margins remain unknown.
For the first time in recent memory, Sotheby’s beat out Christie’s. The house announced total sales of over $5 billion (along with the caveat that it had several major auctions left before the end of the calendar year). The total represents a drop of $800 million, or 16 percent, from its combined $5.8 billion total in 2019.

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Tech-savvy Sotheby's $5bn global sales beat Christie's $4.4bn in 2020

Specialists bidding in New York during Sotheby's Contemporary evening sale in June
© Julian Cassady Photography LTD
Sotheby’s year end revenue has edged ahead of Christie's, reporting total global sales of over $5bn compared to Christie's $4.4bn (£3.4bn). But as both auction houses are now private companies, their profit margins are not known.
Somewhat remarkably for a year ruptured by a global pandemic, Sotheby's total sales are up from $4.8bn in 2019, (though likely still lower than its $5.3bn tally in 2018). Meanwhile, Christie’s turnover is $600m lower than its rival at $4.4bn, 25% lower than last year, which it attributes to a drop in live auction sales. Christie’s chief executive Guillaume Cerutti has described 2020 as “a shock and a catalyst”.

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Here Are the 10 Most Expensive Artworks Sold at Auction in 2020—and Why They Fetched the Prices They Did

Auctioneer Oliver Barker holding court over Sotheby's global e-auctions. Courtesy of Sotheby's.
The art trade is defined by far more than its uppermost echelon. But in an unprecedented year when virtually ever major auction went… well, virtual, top prices serve as a valuable benchmark—and an indication that the world’s wealthiest did not view 2020 as a roadblock to spending big money on art.
If we’re judging by auction prices alone, though, the market was still considerably less frothy at the high end this year than in 2019. Last year, nine of the 10 priciest lots brought over $50 million each (and the 10th, a David Hockney painting, fell short by a hair). This time around, as flexible and jittery consignors alike opted to hold back their best material, only two lots exceeded $50 million.

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