Christie's

Christie's is a premier international auction house and a dominant force in the global art market. Founded in the 18th century, it has established a reputation for handling some of the world's most significant and valuable works of art, antiques, and luxury items. The firm operates through a network of salerooms and private sales, connecting collectors with exceptional pieces across diverse categories.

History

The company was established on 5 December 1766 by James Christie at Pall Mall in London, quickly becoming a central venue for the British aristocracy. Early notable sales included items from the collections of Sir Robert Walpole and Catherine the Great. Throughout the 19th and 20th centuries, it expanded its global footprint, opening in Rome in 1958 and acquiring the Parke-Bernet galleries in New York City in 1977, solidifying its presence in the United States. A landmark moment occurred in 1973 when it became the first international auction house to conduct sales in Peking. The late 20th century saw further expansion into markets like Dubai and Mumbai, and in 1998, the company became a public company listed on the London Stock Exchange before being taken private in 1999 by François Pinault's holding company, Groupe Artémis.

Business operations

The firm conducts its business through both live, public auctions and private treaty sales, operating major salerooms in key global art centers including London, New York City, Paris, Hong Kong, and Geneva. Its core departments are specialized, handling Old Master paintings, Impressionist and Modern art, Post-War and Contemporary Art, Asian art, Jewelry, Watches, and Wine & Spirits. A significant and growing segment of its sales are conducted online, a channel that expanded rapidly following the COVID-19 pandemic. The company also provides a range of ancillary services such as art valuation, financing, and collection advisory through its subsidiary, Christie's International plc.

Notable auctions and records

The auction house has been the site of numerous historic and record-breaking sales that have defined the art market. In 1987, Vincent van Gogh's Irises sold for a then-unprecedented sum. The 1990 sale of Van Gogh's Portrait of Dr. Gachet set a new benchmark. In 2015, Pablo Picasso's Les Femmes d'Alger (Version 'O') achieved a world auction record for any artwork at the time. Further records were set with the 2017 sale of Leonardo da Vinci's Salvator Mundi, which remains the most expensive artwork ever sold at auction. Other landmark sales include the Rockefeller collection in 2018 and the Paul Allen collection in 2022, the latter setting a new record for a single-owner sale.

Controversies and legal issues

The company has faced several high-profile controversies and legal challenges concerning the provenance of artworks and compliance with international regulations. It has been involved in restitution cases related to Nazi-looted art, including works by Egon Schiele and Camille Pissarro. In 2015, it pleaded guilty to conspiring with rivals to fix commission fees in a case brought by the United States Department of Justice. The 2019 sale of a Zhou dynasty bronze vessel, alleged to have been looted from the Old Summer Palace, sparked diplomatic tensions with China. More recently, it has faced scrutiny and lawsuits over its role in facilitating sales for clients like the Russian oligarch Dmitry Rybolovlev, amid broader concerns about money laundering and sanctions evasion in the art market.

Leadership and ownership

Since 1999, the ultimate owner of the company has been Groupe Artémis, the holding company of French billionaire François Pinault. Day-to-day leadership has historically been provided by a succession of CEOs and Chairmen, including figures like Christopher Davidge and Edward Dolman. The current executive team operates under the oversight of Guillaume Cerutti, who serves as Chief Executive Officer. The board and leadership have navigated the firm through significant transitions, including its shift to private ownership, digital transformation, and the evolving regulatory landscape of the international art trade.

Category:Auction houses Category:Art dealerships Category:Companies based in London