Despite a cyberattack that hobbled its website, Christie’s, the renowned auction house, successfully carried out two major sales on Tuesday night, totaling a whopping $115 million. Despite concerns and speculation about the impact of the cyberattack on the auction and the compromised financial data of Christie’s clientele, the evening’s sales were praised as “really respectable” in a challenging environment. While the atmosphere at the sales indicated a promising outcome, the numbers tell a different story, with Christie’s falling behind its rival Sotheby’s in terms of total sales. However, the auction house’s decision to withdraw several artworks, including a high-value Brice Marden painting, played a significant role in these outcomes. Ultimately, the auctions were a testament to Christie’s resilience and determination to carry on with business as usual.
Christie’s holds two major sales despite cyberattack
Despite facing a cyberattack that hobbled its website, Christie’s, the renowned auction house, successfully held two major sales on Tuesday night, totaling an impressive $115 million. In a difficult environment, these sales were seen as quite commendable, earning praise from experts. The ability to conduct these auctions amid the challenges presented by the cyberattack is a testament to the resilience and determination of Christie’s.
Atmosphere of the evening’s auctions
As the salesroom at Christie’s filled with eager spectators on Tuesday evening, there was a sense of anticipation and curiosity in the air. Attendees couldn’t help but discuss the recent cyberattack and the potential impact it might have on the proceedings. However, as auctioneer Georgina Hilton took center stage, the focus quickly shifted to the exquisite artworks up for auction. The atmosphere became charged with excitement, and it was clear that the art lovers in the room were eager to witness the bidding wars unfold.
Four withdrawals before the sales
Leading up to the evening sales, there were four unexpected withdrawals, which caught the attention of both buyers and sellers. One notable withdrawal was a painting by Brice Marden, with an estimated value of $50 million. The decision to withdraw these artworks was a strategic one by Christie’s, with the aim of ensuring the stability and integrity of the market. The auction house did not want to jeopardize the reputation of artists like Marden by forcing sales in unfavorable conditions.
Efforts to assure buyers and sellers
Understanding the concerns surrounding the cyberattack, Christie’s salespeople went to great lengths to reassure both buyers and sellers that the auction would proceed smoothly. They emphasized their commitment to maintaining the highest level of security for all financial transactions and ensured that all necessary precautions had been taken to protect the personal information of their clients. These efforts helped alleviate any apprehensions and allowed participants to focus on the art being presented.
Depth of bidding at Christie’s compared to Sotheby’s
While Christie’s managed to create a depth of bidding during their two auctions, with multiple bidders vying for the artworks, their rival auction house, Sotheby’s, outperformed them in terms of sales volume. Sotheby’s art sales the previous night raked in an impressive $267 million, more than double the total achieved by Christie’s. Despite falling short in terms of overall sales, Christie’s can still take pride in the fact that their auctions attracted active and engaged buyers, who competed vigorously for the artworks on offer.
Withdrawal of Brice Marden painting
One of the most significant withdrawals from the auction was the Brice Marden painting, which carried a high estimate of $50 million. The decision to withdraw this artwork was made by Christie’s, as they felt it was not the right evening to showcase Marden’s work. By withdrawing the piece, the auction house protected the market value of the artist and demonstrated their commitment to maintaining the integrity of each artist’s market. This strategic move ensured that the overall reputation of both Christie’s and Marden would remain intact.
Impact on the market
The withdrawals made by Christie’s before the sales did have an impact on the market. While the auctions still achieved impressive sales, they fell short of the initial estimates. The Rosa de la Cruz art collection sale, which was projected to reach a high estimate of $37 million, reached a total of $34.4 million. Similarly, the 21st-century evening art sale achieved $80 million, falling below the original estimate ranging from $104 million to $155 million. Despite these slight setbacks, it is important to note that the auctions were held successfully and served as a testament to Christie’s ability to adapt and thrive even in challenging circumstances.
Results of the Rosa de la Cruz art collection sale
Despite the cyberattack and the withdrawals, the Rosa de la Cruz art collection sale at Christie’s still managed to achieve remarkable results. The sales from this collection totaled $34.4 million, reaching near the high estimate of $37 million. This success is a testament to the quality and appeal of the artworks included in the collection, as well as the continued interest and enthusiasm of buyers in the art market.
Results of the 21st-century evening art sale
The 21st-century evening art sale at Christie’s also saw impressive results, albeit slightly below the initial estimate. The total sales from this auction reached $80 million, falling short of the estimated range of $104 million to $155 million. While the sales volume may not have met expectations, the auction still showcased a diverse range of contemporary artworks and attracted passionate bidders. The ability to conduct this expansive sale showcases the continued interest and demand for contemporary art.
Verification of access for readers
To access the full article content, readers are required to either log into their Times account or subscribe to The Times. This verification process ensures that only authorized readers have access to the complete article and its accompanying information. Logging into a Times account provides readers with a seamless experience, allowing them to dive into the details of the Christie’s auctions and other news.
The importance of logging into a Times account
Logging into a Times account not only grants readers access to the full article but also offers a plethora of additional benefits. By logging in, readers gain access to the entire range of articles and news updates provided by The Times. This comprehensive access ensures that readers stay well-informed about the latest developments, not just in the arts world but in various fields and industries.
Subscription options for full access
For those who are not already subscribers, The Times offers subscription options to provide full access to their articles. Subscribing to The Times not only grants access to the complete article about Christie’s auctions but also unlocks a world of news, analysis, and in-depth reporting. By becoming a subscriber, readers can explore a wide range of topics, access exclusive content, and stay updated on the latest happenings across the globe.
Already a subscriber
If you are already a subscriber to The Times, you can enjoy uninterrupted access to the full article about Christie’s auctions. Simply log in to your account to dive deeper into the details and gain a comprehensive understanding of the events and their impact on the art market. As a subscriber, you have the advantage of exploring The Times’ array of articles and news offerings, ensuring you stay well-informed and engaged.
Access for subscribers
Subscribers to The Times enjoy exclusive access to a wealth of content, including the full article on Christie’s auctions. By being a subscriber, you can explore all the details and analysis surrounding the evening’s sales, along with a range of other articles and news updates across various topics. The Times offers a seamless and comprehensive experience for subscribers, ensuring they have access to the latest news and insights.
Benefits of subscribing to The Times
Subscribing to The Times comes with numerous benefits. As a subscriber, you gain unlimited access to all articles, including in-depth coverage and analysis of events like the Christie’s auctions. The Times provides a platform for credible and well-researched journalism, helping you stay informed and forming your own opinions. Subscribers also receive exclusive features, such as personalized content recommendations and access to special events. By subscribing to The Times, you become part of a vibrant community of readers who value high-quality journalism and seek to be well-informed.
Site Index and Site Information Navigation
To navigate the various sections and offerings on The Times website, readers can utilize the Site Index and Site Information Navigation. These features provide easy access to different sections, topics, and articles, ensuring a user-friendly experience. Whether you are looking for specific content or just want to explore different articles and news, the Site Index and Site Information Navigation help you find what you need quickly and efficiently.
Contact information for NYTCo
For readers who wish to get in touch with NYTCo, The New York Times Company, contact information is available. This ensures that readers can reach out with any inquiries or feedback they may have. NYTCo values engagement with its readers and aims to provide a seamless and satisfactory experience.
Accessibility and advertisement options
The Times is committed to ensuring accessibility for all readers. The website is designed with accessibility features in mind, making it easier for individuals with disabilities to access and navigate the content. In addition, The Times offers advertisement options for businesses and organizations that wish to reach its diverse audience. These options allow advertisers to connect with readers and promote their products or services in a trusted and reputable environment.
Privacy Policy and Terms of Service
The Times upholds strict privacy policies to protect the personal information and data of its readers. The Privacy Policy outlines the measures taken by The Times to safeguard user information and ensures transparency in how data is collected, stored, and used. The Terms of Service provide guidelines for readers regarding the usage of the website, content, and associated services, ensuring a fair and mutually beneficial relationship between readers and The Times.
Terms of Sale and Site Map
To provide clarity on purchasing products or services from The Times, the Terms of Sale outline the terms and conditions related to any transactions. This ensures that readers have a clear understanding of the rules and expectations when making purchases. Furthermore, the Site Map offers an organized and structured overview of the website’s content, making it easier for readers to navigate and find specific information.
Help and subscription management
For readers who require assistance or have questions related to their subscriptions or any other aspect of The Times, help services are available. These services provide guidance and support to ensure a seamless experience for readers. Additionally, subscription management allows readers to easily manage their subscription preferences, ensuring they have control over their engagement with The Times, including billing and delivery options.
