New Buyers Help Drive Auctions to Record Sales

  • January 20, 2015 16:12

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43 works from the collection of the late Rachel "Bunny" Mellon sold for $158.7 million at Sotheby's in November 2014.

Christie’s International PLC said Tuesday it sold $8.4 billion of fine and decorative art last year, up 17% from the year before and a record for the London-based company, wirtes Kelly Crow in the Wall Street Journal.

The total at privately held Christie’s included $6.8 billion in auction sales and $1.5 billion in privately brokered art sales. The auction house sold $35 million of art online, up 60% from 2013.

Rival Sotheby's said it auctioned $6 billion in art last year, up 18% from the year before and also a record for the New York-based auctioneer.

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Both auction houses said roughly one-third of their buyers last year were first-timers.

Read more at WSJ


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