Sunday, January 27, 2013

Art on the Rise! Christie’s Data Reinforces Recovery

From Pac Union's partner, Christie's:

We have been growing increasingly optimistic with the pace of our real estate recovery in the past 12 months, which has been supported by growing economic strength in the Bay Area. But we also look to indicators outside our industry for reinforcement – and are pleased that we’re finding those, too.

Case in point: the just-released 2012 summary of art-auction activity from Christie’s, the parent company of Pacific Union’s real estate partner, Christie’s International Real Estate. The venerated auction house posted sales of $6.27 billion last year and saw increases in both new clients and the number of bidders per auction. The highest auction price for the year at Christie’s was paid for Mark Rothko’s Orange, Red, Yellow which sold on 8 May in New York for $86,882,500, establishing a world record price for any contemporary work of art sold at auction.

For more, read the full story at Christies.com: http://bit.ly/ULTkCL

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