Christie's International announces worldwide sales of £1.8bn for first half 2008

In Christie's salesrooms around the world, 457 works of art sold for more than $1m, compared to 430 sold during the same period last year.

Sales totals include private sales of £153m/$301m brokered by Christie's in the first half of 2008 as well as sales conducted by the wholly owned subsidiary, Haunch of Venison.

"Christie's robust results for the first half of 2008 reflect the ongoing strength of the international art market," said Edward Dolman, Chief Executive Officer, Christie's International.

"Christie's ability to source the rarest, most beautiful and impressive works of art in all categories underpins our continued art market leadership and success. Collectors across the globe have remained active and confident, despite more uncertain economic conditions in some regions. Christie's extensive international network has introduced an increasing number of buyers to the international art market from growth markets including Russia and the CIS states, the Middle East, India and China."

"As the world's leading art business, Christie's continues to innovate in new geographies, sales formats and range of services offered to clients. We continue to develop our business activities in both established and new growth markets and Christie's dominates some of the more diverse sectors of the middle market, particularly through our Interiors sale formats."

International Sale Centres for January - June 2008

For the first half of 2008, Europe & UK auction sales totalled £837m ($1.6bn), up 6% from the same period last year; the Americas totalled £631m ($1.2bn), down 1% from the same period in 2007; and Asia & Middle East totalled £179m ($351m), up 81% from the same period last year.

The breakdown of sales is as follows:

Top International Department Totals for January - June 2008

Auction department sales were up overall by 8% over the same period in 2007. Key auction department increases for the first half include the Asian Art categories (up 63%); Jewellery and Watches (up 34%); Impressionist & Modern Art (up 14%); the European Furniture categories (including Clocks, Sculpture, Rugs and Carpets) (up 47%); Latin American Art (up 21%) and American Paintings (up 33%).

International Highlights and Events for January - June 2008

Middle East

Christie's fourth Dubai sale series totalled Dhs147.3m/$40m.

o Four works sold for over $1m, and 71 new artists records were established including for Parviz Tanavoli's The Wall (Oh Persepolis) which sold for Dhs10.4m/$2.8m, the most expensive work of art ever sold at auction in the Middle East and establishing a new world record for any Iranian artist at auction. A superb natural pearl and diamond necklace sold for Dhs6.4m/$1.7m.

o The Christie's/YouGov Siraj Survey, released in March, polled over 100,000 GCC residents and demonstrated that 40% of participants anticipate their spend on art will increase over the next five years.

Looking Ahead

"As worldwide sales values continue to remain steady, Christie's approaches the second half of the year in the continued belief that the global art market overall will remain strong and steady," said Edward Dolman, Chief Executive Officer.

• Christie's in Madrid will organize the fifth Spanish Art Sale at the Westin Palace Hotel on 2 October.
• Christie's Dubai will again welcome an international clientele with the International Modern & Contemporary Art Sale on 29 October and the auction of Contemporary Jewels & Watches on 30 October.
• Impressionist and Modern Art and Post-War and Contemporary Art Evening Sales offering superb masterpieces by 19th, 20th and 21st century artists will be held at Christie's New York on 5 and 12 November.
• In London, Christie's Contemporary Evening Sale will be held on 19 October, followed by the Italian Sale on 20 October and the Post-War and Contemporary Day Sale on 21 October.
• Commencing November 24, Christie's London will host the Russian Art sale week including : Russian Pictures, Russian Works of Art, Icons and Russian Books.
• The Hong Kong sales series of Asian Art, Jewellery and Watches will take place in November.
• 4 and 5 December will present Important Old Master and British Pictures at Christie's London.